Friday November 14, 2008 - 15:27:02 GMT
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Forex Trading: USDCHF remains bullish as it tracks higher
The USDCHF has been tracking the 100 hour moving average, maintaining closing levels above the key moving average (see blue line above). The move below at "3" triggered stops on the move but quickly moved higher (stop hunting). The move back higher resulted in an accelerated pace higher.
A break below the key moving average would be needed to solicit profit taking from the USDCHF bulls. That level currently comes in at 1.1851. The support below that level comes in at 1.1774, the 200 hour moving average (green line). Until the break, however, the burden of proof is for the Bears to push the pair lower. Bulls in charge.
Past performance is not a guarantee of future results. Please remember that technical analysis is only a tool for trading and even targeted analysis is no guarantee of profits. Forex trading carries a substantial risk of loss and only discretionary capital should be used in trading.
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