Forex Trading: USD/CHF Heading Toward Recent Highs

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Forex Trading: USD/CHF Heading Toward Recent Highs

By Greg Michalowski on January 26, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

Looking at an hourly USD/CHF retracement analysis from the year-end lows on 12/29 to the recent highs on 1/23 we see the pair attempting to test the recent highs on the weekly open with the USD gaining a bid against the European currencies (CHF/EUR/GBP.) We will use the recent highs as short-term resistance and the 100 hour moving average as short-term support and the 200 hr moving average as longer-term support, which it has been throughout the pairs ascension (highlighted below.) A break of the highs could lead the pair significantly higher.

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