Dubai Halts A Swiss Franc Break-Out

Swiss franc trader Dan Ziembienski highlights in an emailedl note how the Dubai debacle halted a swiss franc break-out. The dollar fell vs. the franc on the 25th, apearing to break out of a range, but then rallied back on Thursday and Friday as the Dubai surprise unfolded.

Dan Ziembienski: On the 4 hour chart, price action shows a USD/CHF follow through bouncing off intermediate horizontal resistance near 1.0150. Note it's backed by the upper Bolinger Band and the 200 bar moving average. Volatility is extremely high, and currenly ADX is indicating price is expecting to stay within the recent range.

Today, USDCHF is now back to 1.0039 which means the dollar appears to be breaking down again, and is on track to confirm Novermber 25th's downward action.