Swiss Franc (CHF) Technical Major Currencies (2010-12-23)

By @ibtimes on

Morning Report

The harmonic pattern has not been completed yet, where this pattern could cause us to witness more bearish movement to retest the D1 point representing 261.8% for the BC leg that correlates with correction 127% for the XA leg. This means that there are chances of a retest of 0.9415, thus we expect a bearish intraday trend. Note that momentum indicators are within oversold areas that are showing major fluctuation, although trading below the bearish direction's resistance level is at 0.9625 will maintain our harmonic expectations intact.

The trading range for today is among the key support at 0.9365 and the key resistance at 0.9655.

The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.

Previous Report

Weekly Report

Support0.95000.94850.94600.94600.9415Resistance0.95600.95800.96250.96550.9725RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9530 targeting 0.9415 and stop loss above 0.9580, might be appropriate.

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