empty
 
 
09.05.2012 09:12 AM
USD/CHF Technical Analysis for May 9, 2012

Thanks to the pullback that the USDX did during the Friday's session, the current price is below the resistance level of 98.01. The move that could open the way to more falls to the support level of 96.60 is expected in the short term. The USDX is strong in the general bullish bias and we're not looking for the short side trades yet.

This image is no longer relevant


At the H1 chart, the USDX tries to stay above the support level of 97.19, but we're still in front of a possible bearish consolidation, as the index is trading below the 200 SMA. Of course, this consolidation is mentioned in a short term bias, as the USDX still has enough bullish momentum to do rallies towards new highs.

This image is no longer relevant


Daily chart's resistance levels: 98.01 / 99.19

Dailychart's support levels: 96.60 / 95.53

H1 chart's resistance levels: 99.13 / 100.01

H1 chart's support levels: 97.93 / 97.19



Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 99.19, take profit is at 100.49, and stop loss is at 98.27.

Summary
Urgency
Analytic
Mourad El Keddani
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback