USDCHF tests the topside trendline of bear flag and holds
- gregmikefx
- January 14th, 2010
The USDCHF has been forming a bear flag over the last 4 trading days. The holding of the top trendline level keeps the formation alive for a potential break. I would expect that sellers will continue against the level with a move below the 100 hour MA at 1.0190 currently (blue line above), confirming a move down to the lower trendline boundaryat around 1.0150 level.
If the price breaks above the upper trendline, a move toward the 200 hour MA at the 1.0253 is likely (green line in the chart above). Right now, however, look for the upside sellers against trendline resistance.
Tickers: $USDCHF
blog comments powered by Disqus-
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
-
-
-
Archives
