USDCHF fell to a low of .8671 just above S2 of the weekly pivot calculation. On the three-hour chart, this low formed within a hammer candle. Since the hammer is at weak support and there is positive divergence on the three-hour chart, let us see if the pair can overcome current resistance at .8765. Just above here is the psychological resistance of .8800.
I am almost positive that Bernanke can say something today to assure the dollar will continue to decline.
© Dianne Fecteau, 2011. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.
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