Wednesday July 23, 2008 - 16:16:01 GMT
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Chart of the Day - 7/23/2008 - USD/CHF
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; downtrend lines in red; Fibonacci retracements in grey; 50-period simple moving average in light blue.)
7/23/2008 â€“ USD/CHF â€“ Price action on the USD/CHF daily chart, as shown, has once again reached the top resistance line within the parallel downtrend channel that the pair has been entrenched in since late April. The touch of this resistance line follows very impressive gains made yesterday and this morning. After the swift run-up, has price momentum begun to wane at resistance? That may indeed be the case, but for now, the daily chart is not yet giving any significant overbought signals. Therefore, a true break above resistance could well be a possibility near-term. If this turns out to be the case, the next major resistance above the break resides around the 1.0490 region. On the other hand, if price indeed loses its upward momentum and encounters selling pressure at or near downtrend resistance, the 1.0250 region, which coincides with a key 38.2% Fibonacci retracement level, should act as significant support to the downside.
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Chief Technical Analyst
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