Above is the 4-hour chart of Swiss Franc (CHF). Starting from May 2010 when USDCHF was at 1.17, Franc has been strengthening.
The situation worsened in August 2011 as CHF rose even faster following the debt concerns in Europe. Investors were speculating on Franc.
We can see that USDCHF was falling along the purple Pitchfork for over a month. Yesterday, it finally broke the fork and USDCHF plunged lower.
On the 4-hour chart, Franc formed a small flag after great surges. The flag was probably a bearish flag on this USDCHF chart signaling another bearish wave coming.
I expect that there is still room for CHF to rise as the debt concerns in Europe and US are still not solved. Speculators would be seeking something "safe" such as Japanese Yen, Gold, Swiss Franc and so on. These would be keep on rising until the concerns are more or less eased.
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