USDCHF- Consolidating Recent Gains
By Mohammed Isah | January 25, 2013 12:45 AM EST
USDCHF: The pair requires a break and hold above the 0.9388 level to prevent a return below its broken trendline. If the above mentioned level is traded expect the pair to target the 0.9400 level followed by the 0.9456 level. Further out, resistance resides at the 0.9511 level and then the 0.9600 level. The alternative scenario will be for USDCHF to return to the 0.9200 level and then the 0.9100 level. Further down, support comes in at the 0.9041 level followed by the 0.9000 level. Price hesitation may occur here due to its psychological importance. On the whole, the pair still maintains its corrective recovery tone though consolidating.