Swiss Franc (CHF) Technical Major Currencies (2012-01-20)

By @ibtimes on

Morning Report

Consolidation below 0.9400 suggests that the downside movement could continue, where any trading below 0.9415 with 4-hour closing supports the possibility of the downside movement. Our expectations depend on a possible harmonic structure, which could be completed in areas around 0.9125. Today, we should track the level of 0.9305, which represents the bottom of the suggested (X) point of the harmonic structure, where Stochastic is within oversold areas, which requires consolidation above the mentioned level to negative the effect of the indicator.

The trading range for today is among the major support at 0.9225 and the major resistance at 0.9485.

The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.

**New York Candlesticks**

Previous Report

Weekly Report

Support0.93050.92900.92600.92250.9195Resistance0.93650.94050.94300.94850.9520RecommendationBased on the chart and explanations above, our opinion is selling the pair below 0.9365, and taking profit in stages at (0.9260 and 0.9225) and stop loss with a 4-hour closing above 0.9405 might be appropriate

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