(Please click on the accompanying chart to enlarge.)
Price action on the USD/CHF daily chart, as of this writing, continues to languish at the top resistance line of the parallel downtrend channel. Price has met strong resistance here thus far. Oscillators like the Stochastics are well-overbought. In the event of a pronounced turn back down at this resistance, strong support to the downside resides around the 1.0220 region. A true breakout above resistance, on the other hand, should target the major 1.0530 resistance region to the upside.
- James
James Chen is the Chief Technical Analyst at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT) Level 3 candidate. At FX Solutions, Mr. Chen writes daily currency analysis, conducts forex trading seminars, and has authored numerous articles on currency trading and technical analysis for major financial publications. His upcoming book, Essentials of Foreign Exchange Trading (John Wiley & Sons), will be released in early 2009.
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Hello James,
Thank you for your morning updates, they are very useful. And keep videos coming, they are short but clean.
P.S. I just added your blog to my newsletter list.
Maybe you could look at my visions for next week…
http://www.fxstreet.com/forum/showthread.php?p=14115#post14115
Hi JCKM!
Thanks for your comment and your kind words! I hope you do find the blog useful. I took a look at your forum post. Very nice analysis. You use many of the same technical elements that I use, and your charts are also very clean. Keep up the posts, and thanks again for visiting!
- James