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The Forex Pattern Price Time Report - USD CHF - Morning Session
By: James Hyerczyk - 25-08-2008
0votesThe strong close on the weekly chart has the market in a position to challenge the February 2008 top at 1.1107. A break through this price sets up a further rally to a Weekly Down trending Gann Angle at 1.1216.
A pair of down trending Weekly Gann Angles at 1.0974 and 1.0925 will become important if the market begins to weaken. Right now the close is above these two points. If the market falls below these two prices, then look for lower markets. A steep uptrending Weekly Gann Angle also comes in at 1.0970.
This makes 1.0974 to 1.0970 a key area that has to hold.
Overnight the market failed just shy of last week's Main Trend Top at 1.1042, but found support near the key 1.0974 to 1.0970 area. As mentioned earlier, this is an important level that must hold or the market could collapse down to 1.0925.
Looking at the bigger picture, breaking under 1.0865 will indicate a successful test of the top and lower markets to follow.
PATTERN
Main Trend: Up
Main Trend Top: 1.1042 (08-20-08)
Main Trend Bottom: 1.0010 (07-15-08)
PRICE
1.1216 Weekly Gann Angle Down
1.1107 Main Trend Top (02-13-08)
1.1042 Main Trend Top (08-20-08)
1.1031 Overnight High
1.0985 New York Close
1.0971 Overnight Low
1.0970 Weekly Gann Angle Up****
1.0865 .618 Retracement
1.0630 50% Retracement
1.0590 Gann Angle Up
1.0555 Weekly Gann Angle UpTIME
Aug 23 180-Day Cycle
Attached Images
Next Analysis: The Forex Pattern Price Time Report - USD CAD - Morning SessionContent 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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