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.
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.
Tickers: $USDCHF
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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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