Wednesday June 11, 2008 - 15:12:25 GMT
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Chart of the Day - 6/11/2008 - USD/CHF
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; downtrend lines in red; 50-period simple moving average in light blue.)
6/11/2008 â€“ USD/CHF â€“ Within the context of the long-term downtrend, price on the USD/CHF 4-hour chart, as shown, has been forming a short-term parallel downtrend channel since April of this year. Within this channel, price has just made a pronounced turn down near resistance. This turn is supported by oscillators like the displayed Stochastics, which have made an equally pronounced downturn from extremely overbought. In the event of continued momentum to the downside, the next major support resides around 1.0275, which is a significant previous support/resistance region. Further down, clear support resides at the bottom of the parallel downtrend channel.
Chief Technical Analyst
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