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Howdy Folks!
We had a great webinar this afternoon, I hope you can join us next week! I’ll post the registration link for next week’s webinar on Friday. Today there isn’t much happening today in the realm of bargain hunting so today’s Chart of the Day uses a classic breakout pattern to analyze the USD/CHF 4 hour chart. Last week, USD/CHF broke out of an ascending channel and today it is testing the upper edge of that channel. If the dollar can find buyers near $1.0220, it’s next stop could be the resistance level near $1.0360. This resistance level happens to correspond with a 61.8% Fibonacci ratio from the downward move starting near $1.05. The USD/CHF may need to test $1.02 before moving higher again, time will tell. If the dollar breaks down through the channel, the next major support level appears to be $1.000 in my opinion.
Best of luck this week, more tomorrow!
Ryan
IMPORTANT NOTICE: These comments are for information purposes only. My opinions or other information contained in this post do not constitute investment advice. It should not be understood as a direct recommendation to buy or sell any currency contract or other investment vehicle. Forex trading involves substantial risk of loss and is not suitable for all investors.