USD/CHF Intraday Downtrend Slowing

The downtrend on the USD/CHF is leveling out as prices bounce off the 1.0050 area.  Note that prices have been as low as 1.0031.  The 1.0000 level will therefore be a strong psychological area as the low Initial Trend reading (T) is indicative of the downtrend transitioning to congestion confirming the current support.

Keep an eye on the downtrend resistance line (R) of this Reversal Falling Wedge.  Prices could pierce this line and trigger a reversal as they travel higher through the 1.0120 level.  If prices resume the downtrend, the support of the chart pattern would be the level that would signal a breakdown continuation.

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