Wednesday September 17, 2008 - 17:06:54 GMT
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Chart of the Day - 9/17/2008 - USD/CHF
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; 50-period simple moving average in light blue.)
9/17/2008 – USD/CHF – Within the context of the up-and-down consolidation in the majors in the last few days, the USD/CHF pair (a daily chart of which is shown) has been bouncing between two significant support/resistance factors. On the upside, dynamic resistance resides around the steep uptrend line that the pair broke down below earlier this week (support becomes resistance). On the downside, there is a rather significant horizontal support/resistance level around the 1.1050 level, where price stalled and turned up almost precisely in the last two days. This level also acted as a resistance level previously. Currently, as of this writing, price is high in the consolidation range. Barring a fundamentally-driven breakout back above the steep uptrend line, price is technically presenting somewhat of a bearish bias, potentially targeting support at or near the abovementioned 1.1050 region. If a breakout above the trendline occurs, on the other hand, strong resistance resides around the recent high in the 1.1415 region.
James Chen
Chief Technical Analyst
FX Solutions
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