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Fresh Support in EUR/CHF Now Visible

Currencies / Forex Trading Jul 16, 2010 - 04:49 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleSo far in 2010 the bears in EUR/CHF have been the clear dominant force. Any support found has proved fleeting. Recently a temporary halt in downtrend was seen, so it is appropriate to take stock of the technical position.


The FX Specialist view


 WEEKLY CHART:

The second of two bear channel base projections was recently tested – and so far it has provided good support.

But there is little in the current chart structure that suggests bear fatigue...


DAILY CHART:

With a temporary low established we have tentatively drawn in a couple of s/term retracement levels:

- note how 23.6% has provided s/term resistance, the market currently trying to break higher. Success would be a small positive sign.

Besides the intervening 1.3731 09-Jun low, note higher resistance around the 1.4000 area – former May lows and 61.8%. In fact, with the current 1.3070 low, this looks most key, as there are other, longer term, Fibo retracements (not shown) that fall close to this area too. A recovery through this latter would look bullish.

One point of technical interest – note that the 1.3070 low was an approximate 2.618 swing target off prior 1.3997/1.4587 May rally.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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