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USD/CHF - Bearish Turn at Key Trendline
Posted on March 26, 2010 at 15:50 in Analysis by James Chen

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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