USDCHF tests 100 day MA resistance and 38.2% retracement at 1.0267 and 1.0272.
- gregmikefx
- January 15th, 2010
Like the GBPUSD and the USDJPY, the USDCHF is near/testing the 100 day MA today at the 1.0269 level (blue line in the chart above). The high extended above the key level to a high of 1.0284, but the price has since fallen back below. Also of note is the 1.0272 level which is the 38.2% resistance of the move down from the December high to the November low. A move above both these levels, should be a signal for a resumption of the bullish bias for the pair to the upside.
Watch the level closely today. Upside targets on a break will take the pair toward the 1.0316 (50% retracement level) and the trendline at 1.0334.
On the downside, should the price hold the key resistance, look for a move to test the 100 bar MA on the 5 minute chart at the 1.0250 level. This moving average has held support today and will be watched closely by market technicians.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Lydia Idem has been investing in equities for 16 years and trading currencies actively for 5 and a half years. Her trading style is simple and short term. With a special feel for sterling, Lydia trades almost exclusively the GBPUSD and EURGBP. You can follow Lydia on Twitter and StockTwits... (more) -
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