Wednesday July 7, 2010 - 16:34:20 GMT
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Chart of the Day - 7/07/2010 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; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
7/07/2010 β USD/CHF β Price action on USD/CHF, a 4-hour chart of which is shown, is quickly descending to approach strong support in the key 1.0500 price region as of Wednesday (7/07/2010), establishing a new 12-week low in the process. As evident on the chart, this currency pair has given back virtually all of the substantial gains that it made from mid-April to early June. The almost symmetrical nature of the chart shows that the recent plummet from early June to now was as steep as the prior rise. Most recently, a breakdown of an inverted pennant continuation pattern continued the steep downtrend. In the event of a strong breakdown below the noted key support around 1.0500, this pair could continue to give back this yearβs gains, with the 1.0350 price region serving as a further support target to the downside.
James Chen, CMT
Chief Technical Strategist
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