Forex Trading: USDCHF Following Trend Channel
The USDCHF has been following a trend channel to the upside today but seems to be stalling in the early NY sesssion. The price has a top at 0.9298 which in NY session which was just above the earlier London morning high at 0.9294. The failure to extend with momentum higher may be a sign of a slowing of the trend. A move below the trendline at the 0.9280 and the 100 bar MA at the 0.9278 level should cause furhter selling pressure. A move above the 0.9298 level should lead to a move toward the topside trendline at the 0.9310/11 area.
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