Forex Bio

Technical Analysis for USDCHF Daily Forecast: February 23

USDCHF Forecast The USDCHF didn’t make significant move yesterday. The main trend should remain bullish but I think we are still in bearish correction phase since the minor bullish channel violated to the downside and now, as you can see on my h1 chart below, price slipped below the minor trendline support with technical downside corrective target  around 1.0700 – 1.0600 area. However I still prefer a bullish scenario at this phase with buy on dips strategy. Initial resistance at 1.0800....

Technical Analysis USDCHF for 17 Feb 2010

USDCHF Forecast The USDCHF had a significant bearish correction momentum after fell below 1.0750, bottomed at 1.0650 and closed at 1.0660. The bias is bearish in nearest term as we are now in bearish correction scenario testing 1.0507 area. We seem to have a good intermediate support around 1.0650 area so we need a consistent move below that area to continue the bearish momentum. Immediate resistance at 1.0700. Another movement back above 1.0700  should diminish the bearish correction...

Technical Analysis for USDCHF 18 November 2009

USDCHF Forecast The USDCHF failed to continue downside pressure yesterday, break above 1.0120, topped at 1.0207 but found resistance around the trendline resistance (red) which is my key resistance area at this phase. Only break above that trendline could be considered as potential bullish reversal scenario at least back towards 1.0337 area. The bias is neutral in nearest term but the rejection to move above trendline resistance might produce downside pressure re-testing 1.0120 support area...

Technical Analysis for USDCHF 17 November 2009

USDCHF Forecast Similar to the EURUSD, USDCHF was technically a mess after market mixed reaction on Bernanke’s comment yesterday. However, so far the pair still able to stay below 1.0120 area indicating the pressure should remain to the downside testing psychological level 1.0000/33. Break below that area should lead us into a new stage of bearish scenario at least towards 0.9880 area. Immediate resistance at 1.0120. Break above that area should be seen as bearish rejection and lead us...

Technical Analysis for USDCHF 13 November 2009

USDCHF Forecast Finally the USDCHF made a breakout from the range area, topped at 1.0192 and closed at 1.0173. On h4 chart below we can see that price now is testing the trendline resistance (red, former support). The bias is bullish in nearest term but we surely need consistent move above the trendline to confirm the bullish reversal scenario towards 1.0337 area. Note that price is not able to stay above the trendline yet so far which can be considered as potential false breakout which...

Technical Analysis for USDCHF 12 November 2009

USDCHF Forecast The USDCHF made another Doji on daily chart yesterday, indicating indecisive market. As you can see in my h4 chart below, price still trapped in range area of 1.0116 – 1.0033/00. My strategy remains the same, that we need a break on either side of the range area to see clearer direction. I still prefer a bearish scenario but we also need valid break below 1.0000 psychological level. Be patient and do not rush jump into the...