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Forex Trading: USDCHF tests support

Posted by Greg Michalowski on Fri, 09/05/2008 - 8:35am in

1.1074 is the 100 hour moving average.  The market tested this level but was not able to close below the level. 

The market is certainly struggling.  The employment number was weak across the board, yet the dollar is still well supported.  This makes me cautious as there may be underlying support from real accounts.    The London/Europe close will keep things moving.  Expect a lot of volatility as we approach 11:00 AM and move to noon when London goes home.