Thursday April 16, 2009 - 15:44:33 GMT
FX Solutions - www.fxsol.com
Share This Story:
|
|
Email
Chart of the Day - 4/16/2009 – USD/CHF
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow
Stochastics on 2nd pane; horizontal support/resistance levels in
yellow; uptrend lines in green; downtrend lines in red; divergence in
white; 50-period simple moving average in light blue.)
4/16/2009 – USD/CHF – Price action on USD/CHF, as shown on the
displayed 4-hour chart, has formed a well-defined parallel uptrend
channel that has been in place since late March. Throughout the life of
this gradually up-sloped channel, price has made clear, tradable breaks
of intra-channel trendlines. Currently, price on this pair is right
around just such a juncture, with an intra-channel downtrend resistance
line to the upside and an intra-channel uptrend support line to the
downside. An upside break would be a more significant technical event,
as the channel is bullish and the natural target at this point is the
top of the channel. Therefore, any substantial upside break of the
intra-channel downtrend resistance line should target dynamic
resistance around the upper border of the parallel uptrend channel. The
current intra-channel uptrend line should act as support for the pair,
a breakdown of which should target the bottom border of the parallel
channel once again.
James Chen, CMT
Chief Technical Strategist
FX Solutions
IMPORTANT NOTICE: These comments are for information purposes only. The
information contained on this document does not constitute a
solicitation to buy or sell by FX Solutions, LLC., and/or its
affiliates, and is not to be available to individuals in a jurisdiction
where such availability would be contrary to local regulation or law.
Opinions, market data, and recommendations are subject to change at any
time. Forex trading involves substantial risk of loss and is not
suitable for all investors.
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
here.
Forex News
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Forex Forum RSS Feed
RSS News Feed