Forex Technical Update
USD/CHF Daily Chart 8/20/2012 2:15PM EDT
The USD/CHF is much like an upside down mirror image of the EUR/USD because the SNB continues to keep Swiss Franc pegged to the Euro, as you would be able to see on a EUR/CHF daily chart. Therefore the USD/CHF's recent non-directional trading is much like that of EUR/USD, stuck in the August range, the support-resistance of which are more important then the converging trendlines seen in the daily chart.
For the USD/CHF, a break above the declining trendline seen in the daily chart simply opens up the 0.9810, above which, the 0.99 handle is the August range-resistance. The bullish outlook revives with a break above 0.99, opening up 2012 high of 0.9971 and parity (1.00), before further bullish outlook.
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.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.