Swiss Franc (CHF) Technical Major Currencies (2011-09-16)

By @ibtimes on

Morning Report

Negative pressures affected the pair since reaching the top around the potential reversal zone of the Butterfly pattern (D1), where these pressures forced the pair to test 23.6% Fibonacci correction at 0.8640, which also represents a barrier not a target, where the pattern's first target is 38.2% Fibonacci correction at 0.8460. Therefore, we expect the downside movement to control the pair today.

The trading range for today is among the major support at 0.2320 and the major resistance at 0.9035.

The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.

Previous Report

Weekly ReportSupport0.86750.86400.85850.85400.8520Resistance0.87500.87800.88200.88450.8920RecommendationBased on the chart and explanations above, we recommend selling the pair below 0.8820, and take profit in stages at (0.8640 and 0.8540) and stop loss with 4-hour closing above 0.8920 might be appropriate today

Join the Discussion