Price action on USD/CHF, a daily chart of which is shown, has been following a steep uptrend support line since the mid-January lows. Within this steep uptrend, the bearish corrections have been relatively shallow while the bullish trend moves have been relatively strong. Currently, price is in the process of recovering from a bearish correction, and appears poised to reach for a new 6-month high if the last high around 1.0817 is surpassed. For more technical analysis on this currency pair, please click here for Thursday’s (2/11/2010) 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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