USD/CHF Technical Analysis October 28, 2011

The USD/CHF pair fell hard on Thursday as the USD was sold off against almost all other currencies around the world. This was in response to the EU finally releasing the bailout plan that has been long awaited. The EUR/USD rose, and the USD fell against all else. The selling of the USD even spilled into this market, one that is artificially being propped up. The Swiss National Bank is actively working against the Franc, and to see it strengthen against the USD shows just how bad the Dollar is right now. We see 0.85 as massive support at this point, and are looking to see if supportive daily candles form here in the next couple of days. We don’t sell, as we don’t want to tempt the Swiss into action.