By Natalie R. – Following a long bearish streak versus the CAD over the past few days, the CHF seems to be headed for a bullish correction. Forex traders are advised to take advantage of this knowledge by going short on CAD/CHF now.
Below is a daily chart of CAD/CHF. The technical indicators are the RSI, Slow Stochastic and Williams Percent Range.
– A breach of the upper Bollinger Band is evident on the chart (1), indicating an imminent downward correction may be expected. Further more, a doji candelstick is seen indicating a reversal in trend amay be expected.
– A bearish cross is evident on the Slow Stochastic (2), signaling the next move may be a downward correction.
– The RSI (3) signals that the price of this pair currently floats in the over-bought territory, suggesting downward pressure.
– Williams Percent Range (4) further supportds the downward direction.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
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