The Franc was very weak on Thursday with a strong break of support and a good rally in EURCHF. Clearly traders were hoping for a less dollar bullish NFP so when the great numbers came out chose to take profit from USDCHF shorts and return the CHF% index back to a more sensible comparative price in relation to the Euro. As such a push back to support can not be ruled out just yet but we now have a signal that when we next catch a bid for the Euro, we should in fact be buying CHF for a greater upside bias. I am bullish CHF
**CHF% Index Resistance (USDCHF support): USDCHF 0.8914, 0.8896**
**CHF% Index Support (USDCHF resistance): USDCHF 0.9000, 0.9022**
Note – the large spike on Mon 16th is a GBPCHF pricing error at the broker
**LittlefishFX Relative Currency Index Strength**
All of the currency indexes used for this analysis are available as a NinjaTrader indicator from the link below. They are eight indexes, USD, EUR, JPY, GBP, AUD, CHF, CAD and NZD with each index made up of the remaining seven pairs, weighted in accordance with the distribution of global FX volume as measured by the Bank of International Settlements in their Triennial Survey.
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