Friday May 23, 2008 - 15:35:22 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 5/23/2008 - EUR/CHF
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, MACD Histogram on 2nd pane; uptrend lines in green; downtrend line in red; Fibonacci retracements in grey; divergence pattern in magenta.)
5/23/2008 â EUR/CHF â Bearish price-oscillator divergence on the EUR/CHF daily chart, as shown, helped to presage the downturn in the pair that began early in the week. This divergence is outlined by the two short magenta lines, where price made a higher high while the MACD Histogram made a lower high. This downturn occurred at a significant location with respect to support/resistance, as the point at which the reversal took place was at a significant dynamic resistance level in relation to both the red downtrend resistance line (marked âAâ) as well as the green uptrend resistance line (marked âBâ). Currently, price has broken down below the short-term uptrend support line (marked âCâ) in the past couple of days. In the event of continued momentum to the downside, the next major support resides around the long-term uptrend support/resistance line (marked âDâ). This support is also in the region of a key 38.2% Fibonacci retracement level.
Chief Technical Analyst
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.
Forex Trading News
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
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."