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Chart of the Day − EUR/CHF
Thu, Aug 14 2008, 16:21 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; 50-period simple moving average in light blue.)
8/14/2008 – EUR/CHF – Price action on the EUR/CHF daily chart, as shown, has pulled back to the significant downtrend line above which it broke out late last month. This downtrend line is represented on the chart by the long red line, which price touched as resistance at least five times before breakout. Concurrently, a tentative uptrend support line has also begun to form (as represented on the chart by the rightmost green line). Oscillators like the displayed Stochastics are also emerging up from oversold territory. Therefore, the technical bias for the pair at this juncture is towards a potential impending bounce off the support imposed by both the pullback to the downtrend line (in red) and the touch of the tentative uptrend line (in green). The first major resistance in this event resides around the high before pullback, around 1.6365. A clean breakdown of the current support, on the other hand, should target further major support around the 1.6000 region.* Visit my forex tips and techniques blog here: http://fxpath.fxstreet.com *
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Published on Thu, Aug 14 2008, 16:24 GMT
Archive
- Chart of the Day - EUR/USD
Published On Fri, Oct 31 2008, 14:49 GMT - Chart of the Day - GBP/USD
Published On Wed, Oct 29 2008, 16:40 GMT - Chart of the Day - USD/JPY
Published On Tue, Oct 28 2008, 15:44 GMT - Chart of the Day - EUR/USD
Published On Mon, Oct 27 2008, 16:18 GMT - Chart of the Day - GBP/USD
Published On Thu, Oct 23 2008, 15:14 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.