USDCHF stays above a rising trend line

Franco Shao from ForexCycle.com at 12/15/09

 

USDCHF stays above the rising trend line on 4-hour chart and remains in uptrend from 0.9959. As long as the trend line support holds, one more rise to 1.0400-1.0450 is expected after a minor consolidation. On the other side, a clear break below the trend line support could suggest that a short term cycle top is being formed, and then pullback could be seen to 1.0210 or even 1.0160.