Forex Trading: USD/CHF Ranging Off Moving Averages

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Forex Trading: USD/CHF Ranging Off Moving Averages

By Greg Michalowski on January 19, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

Staying with our theme of moving averages in this very light volume holiday session, we’ve seen the USD/CHF range between the 100 and 200 moving averages since the end of last week seeking some direction. Looking at a retracement analysis for the pair from the 12/29 lows (~1.0320) to the 1/15 highs (~1.1287), we see a number of support levels, however resistance above the 1/15 highs looks thin and the next significant price action is visible in the high teens for the pair. With some USD strength and Euro weakness in the market now, a further break of the Euro could lead USD/CHF back to those levels last seen in early December.

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