USDCHF approaches the support at 100 hour MA

Written January 14, 2010 at 12:17 PM EST by  

gregmike-00066

After failing on the break above the  upper trendline (see chart above), the price in the USDCHF has moved back down to test the 100 hour MA at the 1.0185 level (blue line in the chart above).  A break of the level should lead to a move to the low of the day (1.0159) and the bottom trendline area at the 1.0150 area.  If the level holds, the upside should now find intraday resistance at the 1.0207 which is the 100 bar MA on the 5 minute chart (blue line in the chart below).  This moving average line is starting to flatten out and show signs of topping.  Above that level remains the key support against the top trendline at 1.0228.

gregmike-00067

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