Forex Trading: Key Level For USD/CHF Looms Overhead

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Forex Trading: Key Level For USD/CHF Looms Overhead

By Greg Michalowski on December 31, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

The USD/CHF moved higher today (Wednesday), gaining momentum as the pair broke through the 100 hour moving average at the 1.0641 level. The pair moved up toward overhead resistance that comes in at the 1.0750 area where the 50% retracement of the recent move down from the Dec 19th high and the 200 hour moving average (green line in the chart above) are located. The high for the day reached 1.0742. A break of the 1.0750 level will be needed to push further to the upside.

On the downside, the 100 hour moving average currently at the 1.0635 level will be needed to hold in order to keep the momentum to the upside intact.

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