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Chart of the Day - 6/25/2009 – USD/CHF
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James Chen, CTA, CMT, is the Chief Technical Strategist at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT). At FX Solutions, Mr. Chen writes daily currency .....
6/25/2009 – USD/CHF – Price action on USD/CHF, a 4-hour chart of which is shown, has once again reached the top of a slightly-angled parallel uptrend channel (in green) with two primary touches on the bottom and three primary touches on the top. Currently languishing near the top of the channel after recent substantial dollar strengthening, this pair is also exhibiting clear price-oscillator divergence (in white, where price made a higher high while Stochastics, in this case, made a lower high). This could suggest a possible loss of upward momentum near the top of the channel. If this becomes the case, a key intermediate support target to the downside resides around 1.0760. In the event of a breakout to the upside of the current channel, a further key resistance target resides around the 1.1160 price region. James Chen, CMT Chief Technical Strategist FX Solutions IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. (Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
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