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USDCHF pulls back from 1.0291

Franco Shao from ForexCycle.com at 01/19/10


Being contained by resistance of the upper border of the falling price channel on 4-hour chart, USDCHF pulls back from 1.0291, suggesting that a short term cycle top is being formed. Consolidation in a range between 1.0200 and 1.0291 is expected later today. Key resistance is now located at 1.0291, a break above this level will indicate that the fall from 1.0507 has completed at 1.0132 already, then the following uptrend could bring price back towards 1.0507 previous high.

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