USD CHF Setting Up for Acceleration Down

The USD CHF main trend has turned decisively lower on the daily chart.

The USD CHF main trend has turned decisively lower on the daily chart. Breaking two main bottoms at .8918 and .8881 may be giving bearish traders the confidence to begin to press the market lower. Although there is a previous bottom at .8647, the market seems poised to break to the major retracement zone at .8190 to .7925. This represents 50 percent and 61.8 percent respectively of the main range from .7066 to .9315.

In tight trading ahead of Wednesday’s key European Summit, the U.S. Dollar is trading weaker across the board. This pressure is expected to continue after a funding agreement is announced, however, it may turn into a “buy the rumor, sell the fact” situation so traders should watch for a possible reversal.

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