USDCHF broke above 1.0639 resistance

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Tuesday, 23 March 2010 10:30
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USDCHF broke above 1.0639 resistance, suggesting that a cycle bottom has been formed at 1.0506 level on 4-hour chart. Sideways movement above 1.0506 is expected in a couple of days. Key resistance is now at the falling price channel on 4-hour chart. As long as the channel resistance holds, one more fall towards 1.0450 is possible. However, a clear break above the channel resistance will indicate that the fall from 1.0898 has completed, then the following uptrend could take price back to re-test 1.0898 resistance.

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