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Chart of The Day: USD/CHF

Autore: Written by ActionForex.com




4/30/2010 - USD/CHF - Price action on USD/CHF, a daily chart of which is shown, has reached up to the key 1.0900 resistance region before retreating. This occurs within the context of a strong continuing uptrend (extending from the November 2009 low below parity), and after price made a substantial bullish run in the past two weeks off key support in the important 1.0500 price region. Despite the current retreat from 1.0900 resistance, overall bullishness in the pair within the context of the strong uptrend is likely not yet over. Any subsequent bullish re-break and daily close above 1.0900 should target immediate further resistance in the key 1.1000 price region. Further up, in the event of further bullishness within the current uptrend, an important upside resistance target resides in the 1.1250 price region.

James Chen

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(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)


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