Tuesday July 22, 2008 - 15:54:51 GMT
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Chart of the Day - 7/22/2008 - EUR/CHF
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; 50-period simple moving average in light blue.)
7/22/2008 â€“ EUR/CHF â€“ Much like several other crosses, EUR/CHF (the daily chart of which is shown) has just reached and temporarily stalled around significant resistance. In the case of this key cross, resistance is in the form of a downtrend line going back to October 2007, where the long-term, multi-year highs were reached in the pair. The current touch of resistance occurs after a bounce up off a key 38.2% Fibonacci retracement level (the low-to-high retracement span being measured from the low extreme reached on 3/17/2008 to the swing high touch of downtrend resistance on 5/19/2008). Oscillators like the displayed Stochastics have entered overbought. Respect of resistance at this point should target a move back down ultimately to around the 1.6000 support region. A true breakout to the upside with momentum, on the other hand, should meet first resistance around the 1.6300 region.
Chief Technical Analyst
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