USDCHF trades in a narrow range

Franco Shao from ForexCycle.com at 12/11/09

 

Being contained by 1.0338 key resistance, USDCHF trades in a narrow range above 1.0218, as long as this level holds, one more rise to test 1.0338 resistance is still possible later today, however, lengthier consolidation would more likely be seen before breaking above this level. Key support is now located at 1.0218, below this level will suggest that a short term cycle top is being formed on 4-hour chart, then range trading between 1.0136 and 1.0338 is expected to follow.