Thursday September 11, 2008 - 16:26:08 GMT
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Chart of the Day - 9/11/2008 - USD/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; horizontal support/resistance line in yellow; 50-period simple moving average in light blue.)
9/11/2008 â€“ USD/CHF â€“ Price action on USD/CHF (a daily chart of which is shown) has displayed an almost unrelenting bullish acceleration recently, much like the EUR/USD and GBP/USD have displayed a seemingly unstoppable bearish bias. Currently on the USD/CHF, price has already broken out above numerous resistance barriers in its aggressive upward move of the last two months, and has formed a very steep uptrend in the process (as represented on the chart by the green line). A retracement at least back to this steep uptrend line is well-overdue at this point, with all technical signs currently indicating severely overbought conditions. If a retracement back to the line indeed occurs, the dynamic support offered by the line currently resides around the 1.1180-1.1200 region. Any continuation of the unrelenting uptrend acceleration, on the other hand, should eventually meet strong resistance around the 1.1600 region (represented on the chart by the yellow horizontal line), which is a significant prior support/resistance level.
Chief Technical Analyst
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