Swiss Franc (CHF) Technical Major Currencies (2011-05-03)

By @ibtimes on

Morning Report

The pair touched again 0.8625 which is the gateway to resuming the suggested downside move for the pair in our previous reports. The pair is still affected by the negative pressure from the SMA 50 ad the completion of the symmetrical triangle and accordingly we expect the intraday bearishness to continue today which requires the clear breach for 0.8325 and stability below 0.8745.

The trading range for today is among the major support at 0.8400 and the major resistance at 0.8745.

The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.

Previous Report

Weekly ReportSupport0.86700.86250.85450.84850.8450Resistance0.86750.87450.87750.88200.8900RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.8625 targeting 0.8485 and stop loss above 0.8745 might be appropriate

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