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.
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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. (more)You can follow Lydia on Twitter and StockTwits
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