| USD/CHF - Reaches Up to Long-Term Downtrend Line Posted: 22 Feb 2010 08:42 AM PST  Recent bullish price action since mid-January on USD/CHF, a daily chart of which is shown, has brought price up to hit a key long-term downtrend resistance line extending from the November 2008 high. When the pair reached up to hit that significant trendline this past Friday, price momentum failed in its bullishness and tentatively retreated. From a trend perspective, the pair may well be in a new overall uptrend after the bounce off parity (1.0000 price region) in early December. For more technical analysis on this currency pair, please click here for Monday’s (2/22/2010) Chart of the Day.
- James Chen, CTA, CMT * For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here. 
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