Friday May 22, 2009 - 16:34:13 GMT
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Chart of the Day - 5/22/2009 – 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.)
5/22/2009 – USD/CHF – With dramatic dollar-weakening occurring for the entire week on most of the major currency pairs, price action on USD/CHF (a daily chart of which is shown) has hit critical dynamic support right at a significant long-term uptrend line extending from the March 2008 low. Therefore, this currency pair is currently at a very important crossroads. A clean breakdown below this key uptrend support line should target immediate further support around the key 1.0700 price region. Further downside price action breaking below that level could target major support around 1.0400. Strong upside resistance in the event of a bullish correction within the current downtrend resides around the 1.1100 price region.
James Chen, CMT
Chief Technical Strategist
FX Solutions
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