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Special Focus: USDCHF (Week Ahead)
Saturday, January 28, 2012
by Mohammed Isah of FXTechstrategy.com
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USDCHF: The pair ended the week lower for a third week in row since turning off the 0.9591 level on Jan 09’2012.With that said, USDCHF faces the risk of further declines in the new week towards the 0.9063/75 level, its Nov 30’2011 low/.50 Fib Ret (0.8558-0.9591 rally) where a violation will extend price weakness towards its psycho level at 0.9000. We may see a breather here due to the psychological nature of this support level but if taken out, expect more weakness to shape up towards the 0.8890 level, its Nov 03’2011 low. Its weekly RSI is bearish and pointing higher supporting this view. Alternatively, on any recovery, the pair will aim at the 0.9175 level, its Dec 08’2011 low followed by the 0.9240 level where a reversal of roles as support is likely to occur and turn it lower. However, if this fails to happen, the pair could strengthen further towards the 0.9504 level, its Jan 13’2012 low and then the 0.9591 level. Further out, resistance resides at the 0.9772 level, its Feb 11’2011 high.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
Recent articles from this author
- Daily Technical Strategist: EURGBP - Monday, May 14, 2012
- Weekly Technical Strategist: GBPJPY - Sunday, May 13, 2012
- USDCHF – Extends Recovery, Closes Higher (Special Focus) - Saturday, May 12, 2012
- Daily Technical Strategist: EURUSD - Wednesday, May 09, 2012
- EURUSD: Halts Decline, Bullish Momentum Develops. - Monday, May 07, 2012
About the author
Mohammed Isah is a Technical Strategist and head of research at FXTechstrategy.com, a technical research website. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXTechstrategy.com. Mohammed has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, Thestreet.com, MoneyShow, The Technical analysis of Stocks & Commodities Magazine, Businessinsider and FXstreet.com At FXTechstrategy.com he writes daily and weekly technical commentaries on currencies and commodities which are offered to its clients. He provides full coverage of the forex market with specific daily focus on 7 currencies (EURUSD, GBPUSD, USDJPY, EURGBP, EURJPY, AUDUSD and USDCAD) and the Dollar Index utilizing various technical tools and strategies. He also covers the commodities market twice in a week focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN, WHEAT and CRB Index. Mohammed can be reached via email at m.isah@fxtechstrategy.com.
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