Forex Technical Update
USD/CHF 4H Chart 5/2/2012 9:50AM EDT
The 4H USD/CHF chart shows a market breaking above a channel. The break was strong, and clears the moving averages periods 200 down to 8. As get into the 5/2 US session the market is stalling around 0.9150. To the downside, the 0.91 area is key support if the market is to stay short to medium term bullish. Otherwise, we need more clues for direction.
USD/CHF Daily chart 5/2/2012
The maximum bullish outlook for now should be limited to 0.9330, which is a recent range resistance seen in the daily chart. In the daily chart the outer range is between 0.9330 and 0.8930, while the inner range is between 0.9250 and 0.90. The RSI being stuck between 60 and 40 reflects a consolidating momentum.
Fan Yang CMT is a trader, educator and the Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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