Jan 28, 2011

FX Path

FX Path

USD/CHF - Downtrend Consolidation

Posted: 28 Jan 2011 09:04 AM PST

Price action on USD/CHF (a 4-hour chart of which is shown) as of Friday (1/28/2011) has continued to trade above 0.9400 support as the pair consolidates in a trading range between this support level and the 0.9500 resistance level to the upside. This occurs within the context of a strong bearish trend that has been in place for the last three weeks. For more technical analysis on this currency pair, please click here for Friday’s (1/28/2011) Chart of the Day.

James Chen, CTA, CMT

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* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
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