Friday March 6, 2009 - 16:54:08 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 3/06/2009 β USD/CHF
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; chart patterns in white; 50-period simple moving average in light blue.)
3/06/2009 β USD/CHF β Fridayβs bearishness on USD/CHF, a daily chart of which is shown, manifested itself in a tentative break below the bottom border of a parallel uptrend channel that has been in place since late January. After descending down below the channel, price hit a key support/resistance level around 1.1480 before retreating back up. Currently hovering around the bottom of the parallel uptrend channel, price continues to have a technically bearish bias. Any strong subsequent breakdown below both the parallel channel and the mentioned 1.1480 level should target further support around the 1.1280 region. To the upside, in the event that uptrend support is ultimately respected and a bounce up off the bottom border of the parallel uptrend channel occurs, the top of the channel should pose strong resistance, with intermediate resistance just above the 1.1800 region.
James Chen, CMT
Chief Technical Strategist
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."