ActionForex.com
Feb 09 20:34 GMT
English Arabic Chinese (Simplified) French German Japanese Portuguese Spanish

Sponsors

Forex Expos

USD/CHF Mid-Day Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Feb 08 10 08:50 GMT

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 1.0648; (P) 1.0721; (R1) 1.0796; More.

With 4 hours MACD crossed below signal line, an intraday top is possibly in place at 1.0793 already. Bias turned neutral and more consolidations could be seen. But still, downside is expected to be contained above 1.0497 support and bring rally resumption. Above 1.0793 will target medium term trend line resistance at 1.0921 next.

In the bigger picture, medium term correction from 1.2296 should have completed with three waves down to 0.9916 already. Current rise from 0.9916 is tentatively treated as resumption of the long term up trend from 2008 low of 0.9634. Sustained break of mentioned medium term trend line resistance (now at 1.0921) will further affirm this case and should target 161.8% projection of 0.9916 to 1.0506 from 1.0131 at 1.1086 next. On the downside, break of 1.0131 support is needed to invalidate this view. Otherwise, another rise is still expected even in case of deep pullback.

USD/CHF 4 Hours Chart

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box

 
Facebook MySpace Twitter Digg Delicious Google Bookmarks 

Forex Brokers

ActionForex.com © 2012 All rights reserved.