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Forex Trading Technical Analysis (2010/07/12) USD/CHF Bullish Turn

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)

USD/CHF, a 4-hour chart of which is shown, has turned up as of Monday (7/12/2010) after failing to breakdown significantly below key support in the 1.0500 price region late last week. This bullish turn has broken out above a steep downtrend resistance line extending from a mid-June high, and comes on the heels of substantial bearishness that has prevailed since early June. For more USD/CHF analysis, please click here.

James Chen, CTA, CMT