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Chart of the Day
Chart of the Day − EUR/CHF
Tue, Jul 22 2008, 15:39 GMT
by James Chen
7/22/2008 – EUR/CHF – Much like several other crosses, EUR/CHF (the daily chart of which is shown) has just reached and temporarily stalled around significant resistance. In the case of this key cross, resistance is in the form of a downtrend line going back to October 2007, where the long-term, multi-year highs were reached in the pair. The current touch of resistance occurs after a bounce up off a key 38.2% Fibonacci retracement level (the low-to-high retracement span being measured from the low extreme reached on 3/17/2008 to the swing high touch of downtrend resistance on 5/19/2008). Oscillators like the displayed Stochastics have entered overbought. Respect of resistance at this point should target a move back down ultimately to around the 1.6000 support region. A true breakout to the upside with momentum, on the other hand, should meet first resistance around the 1.6300 region.
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Published on Tue, Jul 22 2008, 16:09 GMT
Archive
- Chart of the Day - USD/CAD
Published On Tue, Aug 19 2008, 15:52 GMT - Chart of the Day - GBP/JPY
Published On Mon, Aug 18 2008, 15:52 GMT - Chart of the Day - EUR/USD
Published On Fri, Aug 15 2008, 14:49 GMT - Chart of the Day - EUR/CHF
Published On Thu, Aug 14 2008, 16:21 GMT - Chart of the Day - GBP/USD
Published On Wed, Aug 13 2008, 15:30 GMT
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