| USD/CHF - Bearish Turn at Key Trendline Posted: 26 Mar 2010 08:50 AM PDT  Price action on USD/CHF, a daily chart of which is shown, has turned down significantly once again right near a long-term downtrend resistance line extending from the 2008-2010 price high hit in November 2008. This long-term trendline has been respected on several occasions since its inception. The current bearish turn occurs after significant bullish price action earlier in the week, stemming from the bounce up off 1.0500 last week, brought price up to approach the trendline closely. USD/CHF is currently still entrenched within an uptrend extending from the November 2009 low below parity. For more technical analysis on this currency pair, please click here for Friday’s (3/26/2010) 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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| GBP/USD - Rebounds Off Key Support Posted: 26 Mar 2010 06:12 AM PDT  Price action on GBP/USD as of Friday (3/26/2010) morning New York session has rebounded after having closely approached strong support just below 1.4800. This occurs within a strong downtrend and after price broke cleanly below the key 1.5000 price region and a short-term uptrend support line extending from the early March long-term low. Any strong subsequent breakdown below the current support (in the 1.4780-1.4800 price zone) could target further key support around 1.4500. The key 1.5000 price region continues to serve as strong upside resistance within the context of the current overall downtrend.
- 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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