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Technical Archives |
Written by FX Solutions |
Jul 27 10 21:02 GMT
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USD/CHF Rises
Price action on USD/CHF (a 4-hour chart of which is shown) as of Tuesday (7/27/2010) has broken out above a short-term resistance level in the 1.0560 price region slightly after breaking out above a key downtrend resistance line extending from the June 6 high. Because of the fact that price violated both of these resistance factors, the breakout that occurred carries significant importance. This breakout occurs after price formed a double-bottom low around 1.0400 support. The noted 1.0560 level represents the peak of the double-bottom pattern. Therefore, the double bottom has been confirmed with the breakout above its peak. Immediate upside resistance on this breakout, in the event of continued bullish momentum, resides in the significant 1.0700 price region. Further upside resistance, in the event of a breakout above 1.0700, resides in the equally significant 1.0800 price region.
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About the AuthorFX Solutions
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(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.) |
