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USD/CHF Must Clear 1.0361 to 1.0376 or Rally Will Fizzle
By: James Hyerczyk - 09-07-2008
0votesAnalysis
The strong reversal to the upside on Tuesday has the USD/CHF in a strong position to challenge a major resistance cluster at 1.0361 to 1.0376.
This pair must clear this resistance zone or the current rally will fizzle.
Gann Angles
Major uptrending Gann angle support stopped the break on Tuesday and turned the market around.
This angle from the 1.0110 (07-03-08) bottom is at 1.0270 today.
Downtrending resistance from the 1.0541 (06-13-08) top is at 1.0361. Upside momentum may take this angle out, setting up a further rally to 1.0451.
Swing Charts
The main trend is up. The main range is 1.0541 (06-13-08) to 1.0110 (07-03-08). This main range has created a retracement zone at 1.0326 to 1.0376.
The current close over the 50% price is an indication of strength.
Trading Ideas
Trend traders can wait for a pullback to 1.0270 or buy aggressively on a break out over the resistance cluster at 1.0361 to 1.0376.
Counter-trend traders are likely to sell a rally into this zone.
Today's direction and tone will be dictated by what happens at 1.0361 to 1.0376.
Next Analysis: AUD/USD Nears Major 50% PriceContent 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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