USD/CHF Up Against Tough Resistance

Doug Rosen

By: Doug Rosen

The Swissy begins its fresh week above the weekly 5 ema but slightly spaced a bit above the 5 ema it is possible for price to drift down just a bit before continuing on up and price is up against very strong resistance since .9300 has already held up as strong resistance a couple other times in the past. If price was to break this area, I would expect it to continue on up until .9430 On the daily time frame price is riding the 5 ema and in the overbought zone in the stochastics so we will soon see if .9300 will hold up or bust last month's high at .9315.

USD/CHF Daily 11/28/11

On the 4 hour time frame price is trapped within a channel in the midst of the channel making a 38.2 fib to the upside.

USD/CHF 4 Hour 11/28/11

On the hourly time frame price keeps making its swings to the upside but last week's high is around .9330

USD/CHF 1 Hour 11/28/11

On the 15 minute time frame price has just come off of a lower high so we will just have to see if price may be setting up to start heading down.

USD/CHF 15 Minute 11/28/11

Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.

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