Swiss Franc (CHF) Technical Major Currencies (2011-02-11)

By @ibtimes on

Morning Report

The pair breached the pivotal resistance -the neckline for the bullish pattern- and stabilized above it, alongside surpassing 76.4% Fibonacci correction around 0.9675; therefore, we expect the bullishness to continuesupported by the SMA 50. We may witness some fluctuation to retest the breached resistance levels due to the negativity on momentum indicators, before resuming towrds targets that we expect to start around 0.9785 then 0.9900. Areas of 0.9655 should hold for our expectations to prevail.

The trading range for today is among the key support at 0.9555 and the key resistance at 0.9900.

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

Previous Report

Weekly Report

Support0.96750.96050.95550.95250.9440Resistance0.97200.97850.98200.98750.9945RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.9675 targeting 0.9785 and stop loss below 0.9605, might be appropriate.

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