USD/CHF Breaks The Floor, Then Trendline Support As It Marches Lower

New York London GMT Tokyo Singapore

USD/CHF Breaks The Floor, Then Trendline Support As It Marches Lower

By Greg Michalowski on May 29, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

gregmike-03475

The floor in the USD/CHF at the 1.0810 to 1.0817 level gave way in earlier trade today. This was a level that has held for the previous 5 days. The break gave the green light for sellers to jump on the bearish dollar bandwagon again and it did.

gregmike-03476

The pair was also able to breach the trendline support connecting the low from March 2008 to the low in Dec 2008. That trendline support comes in at the 1.0739 today (see daily chart below).

The correction from the lows took the pair to where? The 1.0743 level before quickly selling back down. This level becomes a key level for the pair going forward.

gregmike-03477

Check Out These Related Posts:

If you like this article please...

Subscribe by RSS Subscribe by Email

Email This Post To A Friend

Recent News:

Bay Street Stocks Slip Slightly Again - Canadian Commentary - 16 hrs ago
Stocks Close Mostly Lower Amid Disappointing Quarterly Results - U.S. Commentary - 17 hrs ago
Bay Street Stocks Linger Slightly Below Unchanged Level - Canadian Commentary - 18 hrs ago
Stocks Remain Stuck In The Red In Mid-Afternoon Trading - U.S Commentary - 19 hrs ago
European Markets Fall, Led By Banks, Oils - European Commentary - 20 hrs ago

Opinions From Our Contributors

Commodities The Dirty Little Secrets Of Warrants, Options & LEAPS Interesting Articles To Read The Forgotten Commodity - Rice Commodity Investing: ETFs Or Mutual Funds? John Paulson Launching A Gold Fund With $250M Of His Own Money Profit From The Falling Dollar With ETFs Wheat Playing Catch-Up As Commodities Rally Regulators And Commodity ETFs: Why They’re Evolving Why Gold Will Surge To A Record $2,000 In 2010 The Great Geopolitical Battle Over Energy Transit Routes Read More »	Financials Buffett Borrows For Rail Acquisition Investment Ideas: Here Are 3 Dirt Cheap Stocks Treasury To Auction TARP Warrants Dear Reader, We Cannot Criticize Goldman Sachs. Instead, We Admire It 2010 Outlook For The US Banking Industry Get Rid Of Your General Electric Shares Tufts Endowment And Risk Taking? Regional Bank ETFs: The Bad And The Good Tim Geithner And Congress Take The Gloves Off GAO Report Boosts Fortunes Of Credit Card Companies Read More »	Exchange Traded Funds What You Should Know About Precious Metals ETFs And Taxes Main Street Vs. Wall Street: Using ETFs To Capitalize Why You Should Watch This Leisure & Entertainment ETF Biotech Investing: Spread Your Risks With ETFs Are You Going For Yield With Your ETFs? Rydex Market Timers: At It Again Is An Asset Bubble Forming In Hong Kong’s ETF? Senior Secured Floating Rate Bonds: The Best Investments To Own When Interest Rates Rise KBW Regional Banking ETF: Fundamentals Are Stinky, But The Chart Looks Great Gold ETFs - Will The Record Rally Last? Read More »
Stocks 3 Steps To Becoming A More Successful Trader The Transportation Sector: Here Are Three Investments In A Sector That Are Ready To Soar Stock Market Briefs: DR Horton, Dell, JM Smucker Nordstrom - Momentum Stock Buy Stocks To Watch On Friday Comcast-NBC Universal Deal To Change Comcast’s Business Model India Stock Market: Renewed Buying Bolsters Markets India Stock Market: Sensex Up 236.20 Points On Friday Latest “Disastrous” US Housing Data Doesn’t Support Homebuilder Stocks Stock News Briefs: AOL To Cut One-Third Of Workforce; DirecTV Won’t Rule Out Possible Takeover Read More »	Forex Forex Wrap-up: A Massive Short-Covering Rally In The US Dollar May Just Be Starting Australian Dollar: Caution Canadian Dollar: Caution “Audit The Fed” Bill Moves Along USD/JPY Pushing Against The 100 Hour Moving Average At 89.11 Swiss Franc: The Downside Prevails Japanese Yen: Under Pressure British Pound: The Downside Prevails Euro: Under Pressure Cartoon: The Shrinking US Dollar Read More »	Economy The Message Of The 2-Year US Treasury Note, Deflation And Japan Why Investors Should Look To Japan Again Bond Sentiment: Treasury Yields May Drop LA Shipping Reaches Highest Level Since Nov. 2008 Velocity Of US Money Supply At Long Last Picking Up US Government Debt: The Actual And Hidden Costs Are Rising Every Day Five Reasons Why China Is Not A Bubble Cartoon: Great Wallet of China Financial Crisis Brings Big Pain At Small Firms No Inflation? Students In University Of California Will Disagree Read More »