Friday March 5, 2010 - 19:58:37 GMT
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FXTimes: Daily Technical Update USD/CHF Stalking Consolidation
USD/CHF Stalking Consolidation
- Daily and 4H: We see that the USD/CHF pair has
been in sideways action since the beginning of February. There is a
â€śrounded-topâ€ť type dynamic in this consolidation, so there is still a
chance the market would have a correction to the 1.05 area.
- This outlook requires a break below the 1.065 area to confirm.
- Weekly: Looking at the weekly time-frame, it DOES
indeed confirm that bearish forces are in place after a completed
bearish gartley near the 50% retracement area.
- However, if the market breaks above 1.09, then a possible target is
the 1.110/1.12 area, which is 61.8% retracement of the downswing that
started at 1.20 in March 2009.
Commodity Trading Advisor
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damage which may arise directly, indirectly or consequently from use of
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All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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