USD/CHF Weekly Technical Report 15-19/10/2012

ecPulse
2012-10-15 08:02AM UTC

 

 The pair turned to the upside inline with our previous expectations, and with the start of the week we can see the pair trading near the main resistance for the downside wave. The pair also failed to breach the top at 0.9439 last week and that might trigger a new downside wave. The bearishness actually requires stability below 0.9345 as this is the 113% correction and resides near the Linear Regression Indicator 34 and a breach of which is required to support the downside move. In general, as far as areas of 0.9439 the downside move is more likely this week.

The trading range for this week is among key support at 0.9145 and key resistance at 0.9570.

The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.

Support    0.9345    0.9305    0.9280    0.9260    0.9230
Resistance    0.9370    0.9390    0.9410    0.9450    0.9490
Recommendation    Based on the charts and explanations above, our opinion is selling the pair around 0.9370 targeting 0.0.9250, 0.9200 then 0.9145 and stop loss with four-hour closing above 0.9450 might be appropriate this week

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