Just back from the Vegas Trader's Expo. It was a great event and is always nice to shake hands with our customers in person. We are coming off of a nice week and will try to continue our momentum into the second half of November.

EUR/CHF has broken down hard after the failed dual attempt at 1.6000. The November uptrend support channel was broken on the heels of the post-1.6000 selling, and price is now retesting the channel as resistance. I am short the current level of 1.5942 targeting the .707 retracement at the 1.0 projection in the 1.5905 area. Stops should be above 1.5960.

The hourly chart shows the symmetrical relationships that identifies our entry and exit targets. The post-1.6000 run that carried EUR/CHF 63 points lower projected lower from this second 22 point retracement yields our 1.5905 target.

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

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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.