| USD/CHF - Continues to Respect Uptrend Support Line Posted: 05 Apr 2010 08:21 AM PDT  Price action on USD/CHF, a daily chart of which is shown, has continued to follow and respect a clear uptrend support line extending from the November 2009 lows below parity. Late last week, price dipped below this support trendline, as well as the key 1.0500 support level, but quickly recovered to end the week well above these support factors. Currently, price is also close to a long-term downtrend resistance line extending from the November 2008 high. The future directional bias on this currency pair could very well be indicated by a break of one of these trendlines. For more technical analysis on this currency pair, please click here for Monday’s (4/05/2010) 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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