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NFP Setup: USD/CHF Retest (August 2, 2013)
Dollar strength is still persistent, as USD/CHF already broke above the falling trend line on its 1-hour time frame.
This suggests that a new trend is about to form, but that price might pull back first before heading any higher.
Using the Fibonacci retracement tool on the USD/CHF 1-hour chart shows that the Fibs are in line with the broken trend line. In particular, the 38.2% Fib level is in line with an area of interest, which has acted as support or resistance in the past.
Stochastic is in the overbought region for now, suggesting that the dollar bulls are running out of steam. Strong US NFP figures could revive the dollar rally later on though.
By Kate Curtis from Trader's Way
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