USDCHF Attempts to Break Out
November 28, 2011 | 07:43 AM
Posted by Bradley Welcher
USDCHF
As discussed last week, the recent coiling of price just below the .9250 price level suggested a breakout was imminent. As expected, on Friday, the USDCHF broke through resistance, but failed to move very far. Look to go long if price continues higher. If price reverses, we could see a pullback to the trendline before the pair attempts to breakout again.
EURNZD
The recent rally in the EURNZD accelerated as price broke through the 1.7750 resistance level. After 6 days of straight gains, the pair pulled back slightly last week, and appears to be preparing for another wave of buying. Given the powerful momentum, we may not see a drop back down to the 1.7750 level, so look to go long when the uptrend resumes, even before tagging the breakout level.
AUDUSD
The October rally in the AUDUSD was undermined by November’s steep slide, and the pair is once again resting on key support near .9700. A break through support is likely to send price tumbling back down to the October low, and could be the beginning of a larger move down. Be prepared to enter short on the breakout.
