USDCHF broke above 1.0222 resistance

Franco Shao from ForexCycle.com at 12/08/09

 

USDCHF broke above 1.0222 resistance. The subsequent pullback from 1.0244 is more likely minor consolidation of uptrend. Another rise towards 1.0338 key resistance is still possible after consolidation. Support level is now at 1.0135 followed by 1.0075, as long as 1.0135 support holds, we’d expect uptrend to continue, however, below this level will suggest that a short term cycle top is being formed at 1.0244 on 4-hour chart, then range trading between 1.0075 and 1.0244 is expected to follow.