USD/CHF Struggles to Climb Higher

Author: James Chen | Category: News

Author: James Chen

USD/CHF Daily Chart

5/22/2012 – Price action on USD/CHF (a daily chart of which is shown), as of 5/22/2012, has risen within the last couple of weeks to breakout above both a large triangle consolidation pattern extending from the beginning of the year as well as the key 0.9300 support/resistance level. Currently having come off its post-breakout high just shy of 0.9500, the pair is still looking to climb towards the next major resistance target in the 0.9600 price region, which price closely approached in early January. Key support currently resides around the previous resistance level of 0.9300. The major bullish event to watch for would be a breakout above 0.9600, in which case a bullish trend may once again begin targeting parity (1.0000) to the upside.

(Chart courtesy of FXDD – Metatrader. Uptrend lines in green, downtrend lines in red, horizontal support/resistance lines in black, Fibonacci retracements in purple, 200-period simple moving average in blue, 100-period simple moving average in brown.)