Swiss Franc (CHF) Technical Major Currencies (2009-11-20)

 @ibtimes
on November 20 2009 1:40 AM

Morning Report

The 50% correction halted the pair's upside move, where the daily closing was below main resistance currently at 1.0135 - the candle shown in the side image -; thus, the bullish correction has been completed and now it will resume the bearish short term direction. The obstacles facing the pair's downside move start from the minor support at 1.0085; in addition to positive signs on Stochastic. In general, we expect a bearish direction for today, where its main targets start at 1.0030 and requires te daily closing to remain below 1.0135.

The trading range for today is among the key support at 0.9950 and the key resistance at 1.0335.

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

Monthly Report Weekly ReportSupport1.00851.00301.00000.99500.9900Resistance1.01351.01851.02201.02651.0310RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0135 targeting 1.0030 and stop loss above 1.0220, might be appropriate

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