By Yan Petters – For the past month, the USD/CHF pair range-traded between the 1.0350 and the 1.0650 levels, without marking a clear trend. Currently, after failing to drop below the 1.0350 level, the pair is testing the 1.0420 resistance level.
• The chart below is the USD/CHF 4-hour chart provided by ForexYard.
• The pair has recently failed to drop below the Fibonacci 0.0% retracement line, located at the 1.0350 level.
• At the moment, the pair is testing the 23.6% retracement line, located at the 1.0420 level.
• Technical analysis provides mixed signals at the moment, as the Slow Stochastic and the RSI suggest that the pair will rise further, whereas the MACD continues to provide bearish signals.
• Nevertheless, if the pair will manage to breach through the 1.0420 resistance level, it has potential to rise towards the 38.2% line, which is located at the 1.0465 level, and later on towards the 1.0500 level.
• If the pair will fail to cross the resistance level, it might drop back to the 1.0350 level.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
