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USDCHF broke resistance, will the EURUSD follow?

Today, the USDCHF broke the range it traded in since the 27th of May, now it has no clear resistance level until 1.1232. Please take a look at the next chart:

USDCHF

USDCHF

But now the question is: Will the EURUSD follow?

EURUSD

EURUSD

I guess we’ll have to wait, although we have one thing for certain: Remember there is a negative correlation between these two pairs, when the EURUSD goes up, the USDCHF tends to go down. So, right now, if I was to go short in the EURUSD or long in the USDCHF, I’ll definitely choose long USDCHF.

Good luck!

Raul Lopez

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This entry was posted on Wednesday, June 24th, 2009 at 11:09 pm and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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