EUR/CHF Downmove Stalls, Again
20 May 2010
The FX Trader's view -
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WEEKLY CHART: The latest slip here reached an earlier Fibo projection of ours around 1.4040. The Oct-08 1.4296 low area offers first resistance on this chart.
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DAILY CHART: Note how the latest breakdown point coincides with the current 23.6% bounce level of the downmove from Mar-09 high, around 1.4340 at present. It lays not much above the Oct-08 low. A recovery/close above this key resistance would suggest that a better recovery phase was underway, Next resistance of note would be prior 1.4559/76 lows, which conveniently coincide with the 38.2% level (not shown). Meanwhile the trend must be seen as down still. with subsequent dips then more likely to be corrective only. |
Philip Allwright
Mark Sturdy
Seven Days Ahead
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