Forex: USD/CHF recovers further and tests 1.0360 resistance

on January 07 2010 7:55 AM

FXstreet.com (Barcelona) - The Dollar strengthening against the Swiss Franc has continued in the last hours with the pair recover further from 4-week lo at 1.0240 reached in the early Asian session to break MA55 hourly chart at 1.0305 and MA200 at 1.0340 and test the 1.0360 resistance in a 120 pips bullish movement.

Currently the pair is trading around 1.0345/55, 0.70% above today's opening price action at 1.0275. USD/CHF has been trading in range between 1.0240 and 1.0360 during the current week.

The Kshitij Consultancy Service Team comments: Swiss has risen during the day and is now trading in the Resistance region 1.0330-60. Note that 1.0360 is the 21-DMA (1.0360) which is resisting the pair for the last couple of days. A strong break above the 21-DMA might see further rise towards 1.0430 in the coming sessions. On the other hand if the 21-DMA Resistance continues to hold, we might see a downmove once again towards 1.0280-50. Note that the 200-MA on the 4-hr chart (currently at 1.0253) is the significant Support seen on the downside.

.

More News from IBT MEDIA