Price action on USD/CHF (a daily chart of which is shown) as of Tuesday (11/16/2010) has formed the beginnings of a parallel uptrend channel after having recently broken out above a steep, long-term downtrend extending back to the June high, and then dropping down to an all-time low around 0.9463 in mid-October. While the previous downtrend has certainly been broken and interrupted, a reversal cannot be confirmed, as price has not yet completed a reversal pattern. For more technical analysis on this currency pair, please click here for Tuesday’s (11/16/2010) Chart of the Day.
James Chen, CTA, CMT
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