USDCHF continues to range trade with a bearish bias

Written February 26, 2010 at 8:56 AM EST by  

 gregmike-00621

The USDCHF moved below the 100 and 200 bar MA, found support at the 1.0737 level and has bounced back to the 100 hour MA. Now the price is back below the  200 hour moving average in a choppy session.

The good news is the levels are known. Resistance comes in against the 100 hour MA at the 1.0798 level. By the way the midpoint of the weeks range comes in at the 1.0796 level.  The supprot comes in at the 1.0737 double bottom. 

On the topside a break of 1.0798 has additional resistance at the 1.0825 level.  Then the high for the week at the 1.0878. On the downside the low for the week at 1.0715 is the next target. Bias does remain down below the 100 hour MA.

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