Swiss Franc (CHF) Technical Major Currencies (2009-10-19)

on October 19 2009 1:54 AM

Morning Report

The USD/CHF pair continues to gradually incline in an attempt to complete the bearish harmonic pattern indicated in our previous report, where we still expect it to reach 1.0260 as it represents a cluster resistance that may force the pair to decline on the intraday basis to support the short term trend that is targeting 1.0000. Momentum indicators are supporting the bearish outlook ,yet note that trading must remain below 1.0305 on the daily charts for the decline to continue.

The trading range for today is among the key support at 0.9880 and the key resistance at 1.0450

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600

Support1.01751.01201.00801.00301.0000Resistance1.02601.03051.03501.03901.0450RecommendationBased on the charts and explanations above, our opinion is selling the pair from 1.0260 to 1.0120 and stop loss above 1.0350 might be appropriate.

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