By Sean Lee� || August 11, 2011 at 22:50 GMT
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The market has been buying CHF for the last two years and the spike low in USD/CHF to .7070 is starting to look like an exhaustive one, possibly signalling a retracement.
The short-term rally has stalled so far just below .7700, which was a previous congestion point. This area should be respected so I?d prefer to look for dip-buying opportunities. The obvious entry level for the bulls will be 38.2% retracement level around .7450.
Source: http://feedproxy.google.com/~r/forexlive-rss/~3/xfKqhP1Rc8g/
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