Forex Technical Update
USD/CHF 4H chart 3/1/2013 8:20AM EST
Channel breakout: The USD/CHF had been consolidating around 0.93 for a few days as a rising channel challenged a larger falling channel. The 2/28 and 3/1 session so far has broken out of that consolidation, and even pushed above the 0.9381 resistance pivot. The RSI is tagging 70, a sign of bullish momentum.
The current level around 0.9420 is almost at the 200-day SMA, and we saw resistance around this level in Sept 2012. If the market can hold above 0.9380, it would be a good sign that it is still bullish, and if it is, the next key resistance pivot could be at 0.9511 the origin of the broken-falling channel.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
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