Swiss Franc (CHF) Technical Major Currencies (2011-02-17)

By @ibtimes on

Morning Report

According to the four hour chart above, sharp trading is evident on the pair since yesterday returning to stabilize in overall below the MA 50 as yesterday's suggested scenario remains valid. The bearish technical pattern has appeared and insured the breach of its neckline around 0.9620 and retesting it; therefore, we expect a bearish intraday trend starting targets around 0.9450. Note that breaking 0.9620 and stabilizing above it could postpone resuming targets.

The trading range for today is among the key support at 0.9365 and the key resistance at 0.9750.

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

Previous Report

Weekly Report

Support0.95550.95200.94500.93650.9320Resistance0.96200.96900.97500.97850.9820RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9620 targeting 0.9450 and stop loss above 0.9690, might be appropriate.

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