USDCHF leading the way down? Or is it just another tease?
Written January 8, 2010 at 2:43 PM EST by Greg Michalowski
The USDCHF is moving sharply lower and looks to be choosing the downside after wandering above and below the 100 day moving average all week. The price is now comfortably below the MA level at the 1.0294 level and has moved below the trendline connecting the recent lows. The next level to get through is the 50% retracement of the last corrective move higher at the 1.0212. The low today? 1.0215. The holding of this level, leaves the door open for those short to see the price move back higher on profit taking fright. The 1.0243 level was yesterdays low and will be eyed as resistance now. A break above should lead to further buying as the weekend covering concludes the week.
Categories: Forex Trading | Tags: USD/CHF
(Aug 30, 2010)
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