Forex Technical Update
USD/CHF 4H Chart 6/11/2012 10:36AMEDT
There is a lot of volatility in the USD-crosses. The market started with a risk-on pop after the bailout for Spain is solidifying. However, this was not followed through and the market filled the gap.
The USD/CHF already reversed the initial move, but not before cracking the 0.95 pivot. Still, the market remains within a projected declining channel (adjusted after the 6/8 session establishing a high at 0.9650.
A failure to break above the declining channel resistance should push the market back toward the 0.95 pivot. If the market can hold below this level, the 0.9360-0.9370 pivot area is next. The 200SMA is near the 0.94 handle as well.
A break above 0.9650 however, opens up the high near 0.9760.
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.
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.