USDCHF Trend for the Day of Tuesday, November 25, 2008
As many desire to call a top for the dollar as a result of dollar pairs taking a tumble yesterday, the Daily trend remains up. In fact, the USDCHF has a well defined trend channel (the yellow lines) where we can target a re-entry to Long this pair. Support comes in the 1.1500-1.1700 area which is the lower channel support line. We are some 300-500 pips above this area so patience is a must as prices retrace. Daily oscillators are overbought and turning down signaling weaker prices are to follow before this pair launches to new highs. The June 14th 2007 high of 1.2467 would be the next logical target.