Forex Trading Technical Analysis (2010/07/12) USD/CHF Bullish Turn
(Please click on the forex chart thumbnail to enlarge)
7/12/2010 Forex Technical Analysis (FXpath.com) – USD/CHF, a 4-hour chart of which is shown, has turned up as of Monday (7/12/2010) after failing to breakdown significantly below key support in the 1.0500 price region late last week. This bullish turn has broken out above a steep downtrend resistance line extending from a mid-June high, and comes on the heels of substantial bearishness that has prevailed since early June. With downside support continuing to reside in the important 1.0500 price region, key upside resistance on this bullish turn currently resides around the 1.0700 price region. In the event of a breakout above 1.0700, a significant further upside target resides around the 1.0800 price region.
(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.)
James Chen, CTA, CMT (bio)
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