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USDCHF Triangle

Fri, Oct 10 2008, 09:11 GMT
by Forex Hound Analysis Team

ForexHound.com


USDCHf has reached the support zone at 1.1225/50 and we have already seen the pair bounce a couple of times failing to punch through; this support zone coupled with the trendline connecting a series of lower highs is forming a triangle over the course of past few days. Although this looks like a strong support level a break from here will increase the bearish momentum and push the pair all the way down to 1.11 perhaps even lower. Conversely a movement above the resistance trendline will open up the recent highs as the next natural bullish target; as usual we will wait for a break-out move and trade the retracement.

USD CHF


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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.

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