Forex Technical Update August 24, 2010
Tools:
Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Multiple Time-Frame Analysis GBP/JPY Points to 119
mt4_082410_usdchf

  • 4H: The USD/CHF has so far behaved as anticipated throughout the Asian and European session. It is now at a swing projection that completes an ab=cd retracement pattern just below 1.0450.
  • A swing projection was given in yesterday's post from this level if topping action occurs. The current 4H candle is starting to represent that reversal sentiment back into the bearish trend.
  • A full swing projection points to 1.0082, basically the parity level 1.00. In the more near-term, there is a swing projection suggested by the negative reversal. This signal comes when the RSI high, which is near 60 recently is higher than the previous, which was just below 50, while the price level about 1.0440, was lower than the previous 1.0450. This suggests a swing back to the previous low near 1.0250.

Fan Yang
Currency Analyst
Commodity Trading Advisor

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analyses.

All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.