Swiss Franc (CHF) Technical Major Currencies (2010-02-05)

By @ibtimes on

Morning Report

The dollar versus swissy was able to achieve the targets for the inverse head & shoulder pattern, appearing in our previous reports, where it halted its incline at main resistance around 1.0790 - the resistance ascending channel shown above -. Momentum indicators are showing negative bearish signs that could force the pair to attempt a bearish correction to rid of these signs before continuing the expected bullish intraday direction; targeting mainly 1.0950 then 1.1020. It is vital that 1.0615 remain intact so these expectations may prevail.

The trading range for today is among the key support at 1.0500 and the key resistance at 1.0950.

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

Weekly Report Previous ReportSupport1.06851.06151.05751.05001.0465Resistance1.07901.08501.08901.09351.0980RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0685 targeting 1.0790 and stop loss below 1.0615, might be appropriate.

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