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Chart of the Day

Chart of the Day – USD/CHF

Wed, Jul 22 2009, 16:45 GMT
by James Chen

FX Solutions  |  View company's profile


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USD/CHF Daily Chart

(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; 50-period simple moving average in light blue.)

7/22/2009 – USD/CHF – Price action on USD/CHF, a daily chart of which is shown, after breaking down below a key uptrend channel, made a quick pullback up to the point of breakdown, and is currently in consolidation right under the channel. With a continued bearish bias off the breakdown, which would be confirmed on a further strong break below the 1.0620 low, the next major support target resides in the key 1.0400 support/resistance price region. On any fundamentally-driven break back above the current 1.0700 resistance, which could lead price to move back up into the channel, intermediate upside resistance resides around the 1.0800 price region.

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