• Trichet Comments During the ECB Press Conference Change the EUR/USD Outlook
• USD/CHF Bullish Fib Pattern Against 12-Month Trendline Drives USD Short Covering

Half way through publishing today's article, Trichet's comments from the ECB press conference just now changed the entire favorable outlook of the Euro over the Yen and Dollar. This is going to be an extremely short report as I need to reassess today's strategy in just a few minutes. The USD/CHF Bullish Gartley illustrated yesterday has begun to take shape against the 12-month uptrend line originating at 1.1500 on March of last year.

A closer look at the Gartley against the 1.2800 Fib and yearly uptrend support. As you can see, Trichet's comments sent the Dollar shorts running for cover starting the engine of this powerful machine for a possible test of 1.3000 following a strong NFP tomorrow morning.

Look to buy USD/CHF pullbacks against the .500 and .707 Fib Retracement levels at 1.2855 and 1.2835 respectively. Shorter-term traders should look to stop out below 1.2815 and those looking to establish multi-day positions to target a minimum of 1.3000 stops should be below the 1.28 figure.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.