Friday April 24, 2009 - 16:51:09 GMT
FX Solutions - www.fxsol.com
Share This Story:
|
|
Email
Chart of the Day - 4/24/2009 – 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; 50-period simple moving average in light blue.)
4/24/2009 – USD/CHF – Price action on USD/CHF, a daily chart of which is shown, has once again reached the bottom of a short-term parallel uptrend channel that has been in place since the last short-term parallel uptrend channel was broken to the downside in mid-March. This past week has been substantially bearish for this pair since the top of the current channel was reached on Monday. Price currently appears on the verge of breaking down below the channel, in which case a major support target to the downside resides around the key 1.1100 price region. Conversely, a trendline bounce would be strongly confirmed on a clear breakout above 1.1500, in which case the top of the current channel should serve as a significant upside resistance target.
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