Forex Technical Update

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USD/CHF 4H Chart 6/18/2012 2:20PMEDT


The USD/CHF has been consolidating since end of May after a bull run for the month. The 4H chart shows a declining channel/wedge consolidation pattern which has held the USD/CHF in June. This week started with a push to the downside, but much like the start of last week, the USD/CHF bounced back up.

As we pass the meat of the 6/18 US session, the USD/CHF has come back to the consolidation pattern resistance, just under 0.96.

So far, we are still in the context of a bearish correction.There is still downside risk toward the next support pivot, which is near 0.9360.

A break above 0.96 shelves this outlook, and a break above 0.9650 can open up the 0.9750-0.9760 high.

Fan Yang CMT is a trader, educator and the Chief Technical Strategist for FXTimes - provider of rex 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.