Wednesday June 25, 2008 - 15:48:10 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 6/25/2008 - 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.)
6/25/2008 â€“ USD/CHF â€“ Within the context of the long-term downtrend on the USD/CHF daily chart, as shown, price has settled into a slightly downward-sloping range consolidation. Though this parallel range is more than 300 pips wide, it is still considered a tight consolidation because it occurs on a longer-term daily chart. During consolidations that are tight, watching for breakouts is usually a more prudent direction than trading the range. In view of this, technical traders will be watching this pair for a break on either side, up or down. But because it is a descending range that follows a recent short-term run up from the long-term lows around 0.9640, there is a slight technical bias towards an eventual breakout to the upside. If this indeed occurs with momentum, the next resistance level to the upside resides around the 1.0600 region, and then ultimately at the long-term downtrend resistance line represented by the top red line.
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."