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USD/CHF Trend is Up; Look for Buying Opportunity

08-07-2008 - James Hyerczyk  |   Forex Technical Analysis
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Analysis

The main turned up last week, creating a main range of 1.0541 (06-13-08) to 1.0110 (07-03-08) and a retracement zone at 1.0326 to 1.0376.

Monday's rally continued the uptrend, but ran into resistace at 1.0343 in the center of the retracement zone.

Based on the short-term range of 1.0110 to 1.0343, look for a pull-back into 1.0227 to 1.0199 before new buyers step in.

Additional support is on an uptrending angle at 1.0230.  Look for the best buy at 1.0230 to 1.0227.

Counter-trend traders may still encounter resistance at 1.0326 to 1.0376 and at a downtrending Gann angle at 1.0371.  The best upside target is 1.0371 to 1.0376.  Look for a counter-trend selling opportunity at this resistance cluster.
Content Provided by:
James Hyerczyk

James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.

Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor....

 
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