USD/CHF 1H Chart 10/19/2012 8:15AM EDT
Triple Bottom: The USD/CHF may be bearish in the daily chart, but in the 1H chart we see it rallying from a triple bottom after finding support at 0.9215. It is about to reach a pattern breakout projection near 0.9280, but there is still more room to the upside even with a larger degree down trend.
Retracement: A return to 0.93 handle is in sight. While the market should respect the 0.9305 area for a clear impulse wave development down, the bullish outlook is held off until a break above 0.9350, which would clear a declining trendline and 61.8% retracement of the latest downswing from 0.9431 to 0.9215.
Bearish continuation targets: As noted in the previous update, if the USD/CHF market indeed finds resistance and remains within the bearish mode in the 4H and daily charts, the focus in the medium term is on the lower support pivots of 2012 near 0.9050, 0.90 and the low at 0.8930.
USD/CHF 4H Chart 10/19/2012 8:30AM EDT
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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