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With the mark up cycle still intact, the 15-minute USD/CHF is weakening once again as prices test the 1.0550 level. This is the second, arguably the third such test in as many days.For an uptrend to reverse, prices much trade lower through the support of my 34EMA Wave (the 34EMA on the close is plotted on the chart below)

7-19-2010 USDCHF.png

Chart date range 16-Jul 03:30 GMT-> 19-Jul 23:30 GMT
Data Interval 15 Minutes

Target Level 1.0445 (SUPPORT AND JULY 19 SESSION LOW)
Stop Level 1.0559 (NEAR TERM RESISTANCE)

Rising Wedge identified at 19-Jul 22:00 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.0445.

Resistance Levels
(B) 1.0559 Last resistance turning point of Rising Wedge.

Support Levels
(A) 1.0445 Last support turning point of Rising Wedge.

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