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Chart of the Day − USD/CHF
Fri, Oct 3 2008, 16:04 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/03/2008 – USD/CHF – Price action on the USD/CHF daily chart, as shown, has just hit resistance at the level of the last major swing high, before retreating back down. This significant resistance level has been established at around the 1.1415 region. Oscillators like the displayed Stochastics, which are beginning to point down from oversold, are hinting at a waning of upward momentum after the latest 700+ pip run. A continuation of this downward correction could target immediate key support around the 1.1100 region. Any subsequent breakout above the aforementioned 1.1415 level, on the other hand, could target clear further resistance around the strong 1.1600 support/resistance area.
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Published on Fri, Oct 3 2008, 16:10 GMT
Archive
- Chart of the Day - EUR/USD
Published On Mon, Dec 1 2008, 19:00 GMT - Chart of the Day - USD/JPY
Published On Wed, Nov 26 2008, 16:42 GMT - Chart of the Day - GBP/USD
Published On Tue, Nov 25 2008, 17:15 GMT - 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
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