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Chart of the Day

Chart of the Day – USD/CHF

Wed, Jul 7 2010, 16:23 GMT
by James Chen

FX Solutions  |  View company's profile

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USD/CHF 4-Hour 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; chart patterns in white; 50-period simple moving average in light blue.)

7/07/2010 – USD/CHF – 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 year’s gains, with the 1.0350 price region serving as a further support target to the downside.

IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.

Published on  Wed, Jul 7 2010, 16:24 GMT

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