USD/CHF: Consolidating At Confluence Of Support

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USD/CHF: Consolidating At Confluence Of Support

By James Chen on May 28, 2009 | More Posts By James Chen | Author's Website

Price action on USD/CHF, a daily chart of which is shown, has consolidated right at a key support confluence area. This support region includes a long-term uptrend support line extending from the March 2008 low, as well as a key support/resistance price region in the 1.0810-1.0850 zone. At the same time, price is also traversing a steep short-term downtrend channel.

Any breakdown of the support confluence within the context of this downtrend channel should indicate substantial bearishness going forward. In that event, the immediate further support target resides in the region just above 1.0700, with yet further major support around 1.0600.

Upside resistance within the context of the current downtrend resides around the top line of the steep parallel downtrend channel.

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