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Forex Trading Technical Analysis (2010/08/12) USD/CHF Top of Downtrend Channel

USD/CHF (a 4-hour chart of which is shown) as of early Thursday (8/12/2010) Asian session has stalled near the top of a parallel downtrend channel extending back to the early July swing high. The trend channel is rather well-formed, with around five touches on the top and around five touches on the bottom. With price action currently near the very top of this channel, USD/CHF is at a critical juncture. For more USD/CHF technical analysis, please click here.

James Chen, CTA, CMT