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USD CHF Chart Pattern Suggests Move to 1.0541
By: James Hyerczyk - 24-07-2008
0votesAnalysis
The main trend turned up in the USD CHF on the trade through 1.0353.
After taking out the first resistance angle at 1.0350, the market preceeded to run into another down trending resistance angle at 1.0396. This is the price which has to be cleared for the market to continue to 1.0541.
Currently, this market is trading inside of a retracement range of 1.0318 to 1.0390. This makes 1.0390 to 1.0396 a key resistance cluster.
On the down side, up trending Gann angle support is at 1.0290 and 1.0150.
If the market cannot take out yesterday's high at 1.0400, then look for a pull back to 1.0205 to 1.0159.
Counter-trend sellers should look for a potential short at 1.0390 to 1.0396. If this area fails as resistance, then jump on the trend for an eventual move to 1.0541.
If the break occurs, then be patient and wait for a retracement to at least 1.0205 before reconsidering the long side.
Pattern
Main Trend: Up
Main Trend Top: 1.0541 (06-13-08)
Main Trend Bottom: 1.0010 (07-15-08)
Price
1.0625 Main Trend Top
1.0541 Main Trend Top
1.0396 Gann Angle Down
1.0390 .618 Retracement
1.0382 New York Close
1.0318 50% Retracement
1.0290 Gann Angle Up
1.0150 Gann Angle Up
1.0010 Main Trend Bottom
Time
No major time cycles
Next Analysis: Main Objective of USD JPY Rally is 109.94Content 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.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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