Chart of the Day - 12/10/2008 - EUR/CHF

By FX SolutionsDec 09, 2008 07:00PM ET

www.investing.com/analysis/technical/chart-of-the-day---12%252F10%252F2008---eur%252Fchf-14489

Chart of the Day - 12/10/2008 - EUR/CHF

By FX Solutions | Dec 09, 2008 07:00PM ET

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12/10/2008 – EUR/CHF – Price action on the key EUR/CHF cross, a daily chart of which is shown, has just reached and slightly retreated from a critical resistance juncture. At the current price region, there is a confluence of resistance factors that present some possible impending trading opportunities. Most importantly, price has just reached a significant downtrend resistance line (in red) that has been in effect since early August. Coupled with that is a prior horizontal support/resistance level in the 1.5650 region (the lower yellow line), where price has reversed several times in the past. Finally, price is also around a 61.8% Fibonacci retracement level (the high-to-low retracement span extending down from the high on 7/31/2008 to the low hit on 10/27/2008). Lending some additional strength to this confluence of resistance are oscillators like the displayed Stochastics, which are starting to point down from extremely overbought territory. Therefore, if there is any subsequent breakout above this strong resistance confluence, price should likely carry some significant momentum, and would meet immediate further resistance in the 1.5800 region, a prior support/resistance level. Any subsequent move down from resistance, as might be expected from a technical perspective, should first target support around the uptrend line (in green), which has been in effect since late October.

James Chen
Chief Technical Strategist
FX Solutions

IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.

(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance levels in yellow; Fibonacci retracement levels in grey; 50-period simple moving average in light blue.)

Disclaimer: IMPORTANT NOTICE: These comments are for information purposes only. Past results are not necessarily indicative of future results. Trading Futures, Options on Futures, and Foreign Exchange involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. The information contained on this email does not constitute a solicitation to buy or sell by FX Solutions,LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. FX Solutions, LLC believes that customers should be aware of the risks associated with over-the-counter, spot Forex. Forex trading is highly speculative in nature which can mean currency prices may become extremely volatile. Forex trading is highly leveraged, since low margin deposits normally are required, an extremely high degree of leverage is obtainable in foreign exchange trading. A relatively small market movement will have a proportionately larger impact on the funds you have deposited. You may sustain a total loss of your funds. Since the possibility of losing your entire cash balance does exist, speculation in the Forex market should only be conducted with risk capital you can afford to lose which will not dramatically impact your lifestyle.

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In this PDF you will find the latest technical analysis published by Forex Trends

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Chart of the Day - 12/10/2008 - EUR/CHF

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