Weekly Report 8 - 12 / February / 2010

The dollar versus swissy pushed upwards within the ascending channel that represents the bullish short term wave. The breach of the neckline for the bullish technical pattern has been affirmed, where its complete targets are around 1.1100. The clearly negative signs appearing through momentum indicators could force the pair to attempt some bearish correction towards support for the ascending channel at 1.0615, before resuming the expected bullish overall direction for this week. The breach of 1.0555 could weaken chances of the ascend continuing.

The trading range for today is among the key support at 1.0400 and the key resistance at 1.1100.

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

Previous Report

Support1.07051.06151.05551.04901.0400
Resistance1.08351.08901.09351.09801.1030
RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0615 targeting 1.0835 and stop loss below 1.0490, might be appropriate.