USD/CHF Forecast August 13, 2015, Technical Analysis

The USD/CHF pair broke down significantly during the course of the day on Wednesday, slicing through the 0.98 handle. With that being the case, the market looks very soft at one point, but we still think that there is massive amounts of support below. In fact, we believe that the 0.96 level is significant support, just as many other areas could be. The fact that we bounced towards the end of the day suggests to us that the buyers are going to get involved again. Short-term supportive candles have us going long yet again as the Swiss National Bank continues to work against the value of the Swiss franc.