Chart of the Day: USD/CHF

The USD/CHF has been trading in somewhat of a range for the last 10 weeks, but was moving down before that and may be ready to break out to the downside.

    The USD/CHF has been trading in somewhat of a range for the last 10 weeks, but was moving down before that and may be ready to break out to the downside. Support is currently as the 1.0561 level with a move down through that price signifying a resumption of the downtrend. Conservative traders could wait until that move before selling while more aggressive traders can enter before in anticipation of the break down through support. Protective stops should be placed above a resistance level and I have the first level noted on this chart. Another reason to look at this pair is that the SSI or Speculative Sentiment Index on the USD/CHF is at the 3.32 level meaning that there are 3.32 buys for every sell on this pair. Since this is a contrarian indicator, that means that the odds of further movement down is good. Here is more on the SSI:    

[B]Weekly Trading Lesson: The SSI - What Everybody Else is Thinking[/B]