Swiss Franc (CHF) Technical Major Currencies (2009-12-10)

 @ibtimes
on December 10 2009 1:40 AM

Morning Report

The dollar versus swissy was able to achieve the primary targets to ascend as expected around 1.0300, where has started to form a neckline for a continuing bullish technical pattern that is awaited to be breached to the upside due to positive pressure coming from minor support, accompanied by the MA 50 but negative signs seem to be impeding it, which appear on the Stochastic. From here, we expect a possible bullishaction over an intraday basis, targeting 1.0420-1.0480 initially and requires trading to remain above 1.0175.

The trading range for today is among the key support at 1.0175 and the key resistance at 1.0480.

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

Monthly ReportSupport1.02551.01751.01001.00751.0040Resistance1.03001.03501.04201.04801.0550RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0300 targeting 1.0420 and stop loss below 1.0175, might be appropriate.

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