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USD/CHF Technicals - 1/05/2009
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James Chen, CTA, CMT, is the Chief Technical Strategist at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT). At FX Solutions, Mr. Chen writes daily currency .....
The USD/CHF daily chart, as displayed on the attached chart, is showing that price action in the start of the New Year has risen dramatically after double-testing lows in the 1.0400 region. Currently, price has hit and stalled around a key 38.2% Fibonacci retracement level that was also tested back in mid-December. Any strong break above this level could lend more strength to a dollar-recovery outlook, and could target further resistance in the 1.1480 region, a significant prior support/resistance level.
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FX Solutions, LLC was founded in 2001 by two foreign exchange veterans with over 50 years combined experience. The Company is a leading online foreign exchange (forex) broker, operating as a market-maker to retail and institutional clients. With its focus on advanced trading technology solutions, ...
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