USDCHF failed to break above 1.0507

Franco Shao from ForexCycle.com at 01/25/10

 

USDCHF failed to break above 1.0507 previous high resistance and pulled back from 1.0495. A short term cycle top had been formed on 4-hour chart. Sideways movement between 1.0350 and 1.0507 would more likely be seen in a couple of days. Support is located at the rising trend line now at 1.0320. As long as the trend line support holds, the fall from 1.0495 is treated as consolidation of uptrend from 1.0132. One more rise towards 1.0600 is possible after consolidation and a break above 1.0495 could signal resumption of uptrend.