Daily Pivots: (S1) 1.0648; (P) 1.0721; (R1) 1.0796; .

With 4 hours MACD crossed below signal line, an intraday top is possibly in place at 1.0793 already. Bias turned neutral and more consolidations could be seen. But still, downside is expected to be contained above 1.0497 support and bring rally resumption. Above 1.0793 will target medium term trend line resistance at 1.0921 next.

In the bigger picture, medium term correction from 1.2296 should have completed with three waves down to 0.9916 already. Current rise from 0.9916 is tentatively treated as resumption of the long term up trend from 2008 low of 0.9634. Sustained break of mentioned medium term trend line resistance (now at 1.0921) will further affirm this case and should target 161.8% projection of 0.9916 to 1.0506 from 1.0131 at 1.1086 next. On the downside, break of 1.0131 support is needed to invalidate this view. Otherwise, another rise is still expected even in case of deep pullback.

Based on ActionForex.com Technical Outlook


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USD/CHF Today Forecast

Posted on 02.08.10 to Daily Forex Forecast. Tags: . Subscribe to follow comments on this post. You can skip to the end and leave a response. Pinging is currently not allowed.

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