Forex Trading: USD/CHF Stays Supported But Remains In Between Support And Resistance

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Forex Trading: USD/CHF Stays Supported But Remains In Between Support And Resistance

By Greg Michalowski on January 10, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The USD/CHF moved convincingly above the 100 hour moving average today (Friday) on the back of the USD buying. The pair broke through the level at the 1.1053 price. The level was not tested since. The high for the day has reached 1.1188.

Taking a look at the daily chart, the pair remains above the 200 day MA which comes in currently at the 1.0881 level, but below the 100 day MA at the 1.1387. As a result, the longer term picture is more mixed than anything.

The strategy would be to have a positive bias for the pair but look to take profit on rallies that approach the 100 day MA (at 1.1387 currently). A move back below the 100 hour moving average would neutralize the market (currently at 1.1055.

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3 Comments :

Comment by Jerry Clark Subscribed to comments via email

2009-01-10 05:50:20

Where is the breaking news, news as is happens?

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Comment by Jerry Clark Subscribed to comments via email

2009-01-10 05:53:44

The date of articles on many news providers changes but the article is old news, this becomes evidenct when something unusual happens and goes unreported.

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Comment by ralph

2009-01-16 02:29:36

more reviews and news please…

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