USD-CHF: Uptrend Still on the Table

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( fxtechstrategy.com) -- USD-CHF: Price may have stalled at the 0.9316 level, last seen on Aug. 19, 2011, and triggered a pullback, but as long as USD-CHF continues to hold above the 0.8928/18 zone, its Sept. 12 high/Sept. 29 low, risk of a climb back above the 0.9316 level remains. If seen, this will trigger the resumption of its short-term uptrend toward the 0.9340 level, its April 1, 2011 high, and possibly higher, toward the 0.9400 psycho level.

Alternatively, a decisive break and hold below here will call for further declines toward the 0.8810 level, its daily 200 ema. Further down, support comes in at its Sept. 15 low at the 0.8647 level, with a break paving the way for a move lower toward the 0.8574 level. All in all, USD-CHF continues to maintain its short-term uptrend despite its corrective pullback.
Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.