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Multi TimeFrame Market Outlook: USDCHF
Tue, May 13 2008, 18:15 GMT
by David Gaudre
Weekly Outlook :
3-weeks rise we’ve seen in April has faced late 2007
triangle base and has been rejected on first attempt. Expected trading range
for coming weeks extends from 1.0280 to 1.0620.
To the upside, 61.8% fib. level
at 1.0510 act as immediate resistance and price must trade above this level in
order to test 1.0620 highs (1st objective). If cleared, we may see
USD rise towards 1.0720 cluster resistance (2nd objective).
To the downside, fall below 1.04 will turn the week negative, but several supports are on the way to 1.0180 main support. The 1.0300/50 support zone (1st objective) may reject prices on first attempt, but a break below argue in favor of a deeper pullback towards 1.0180 (2nd objective).
Daily Outlook :
1.06 resistances finnaly rejected price to the downside,
but the bias remain neutral to positive. Expected trading range extends from
1.0335 to 1.0650.
To the upside, 1.0500/20 act as a pivot point (1st
objective) and a daily close above this level is needed to keep the price in
the upper-side of the range for a test of 1.0600/50 main resistance in days
ahead (2nd objective).
To the downside, 1.0380/95 act as immediate support and a break below will turn the outlook negative for a deeper pullback towards 1.0330 initially (1st objective). No rejection here will allow price to test 1.0250 broken channel trendline (2nd objective). Note that a pullback in med-term channel below 1.0250 means more downside to come for next weeks, while a rejection and uptrend resume will validate channel break..
4-Hours Outlook :
To the upside, 1.05 act as immediate resistance. A break above will argue in favor of another test of the 1.0600/40 resistance zone, but 1.0550 minor resistance has to be monitored anyway.
To the downside, a resistance zone extends in the 1.04 zone, and a clear and sustained break below is needed to confirm short-term rise has ended. Then, once 1.0385 cleared, main objective is the 1.0330 cluster support. If fall extends, we may see a test of 1.0250 blue channel low later this week.
Published on Tue, May 13 2008, 18:17 GMT
Archive
- Multi TimeFrame Market Outlook: USDCHF
Published On Mon, Jul 21 2008, 14:34 GMT - Multi TimeFrame Market Outlook: USDCHF
Published On Mon, Jul 7 2008, 14:59 GMT - Multi TimeFrame Market Outlook: USDCHF
Published On Mon, Jun 30 2008, 14:52 GMT - Multi TimeFrame Market Outlook: USDCHF
Published On Tue, Jun 17 2008, 12:38 GMT - Multi TimeFrame Market Outlook: USDCHF
Published On Mon, Jun 9 2008, 14:17 GMT
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