EUR/CHF Daily Chart 9:40AM EDT 11/26/2012
Volatility dying again: EUR/CHF is one of those extremely boring pair to monitor or trade this year. It spent April through August stuck at 1.20, with a few spikes to the upside. Then in September, it rallied sharply, unlike the previous spikes, but was capped off at 1.2180. The volatility then slowly subsided. EUR/CHF in a very non-mobile market as it settles around the 200-day simple moving average near 1.2040.
Resistance, support: The recent consolidation resistance is coincident with a declining trendline seen in the daily chart. By this time, breaking above the consolidation resistnace of 1.2055 will also break the declining trendline and indicate some bottoming action, which opens up some higher resistance pivots, but also revives the bullish outlook showing bottoming above the 1.20 SNB-floor. The 2012-high is 1.2183 established in September, and could be a target for the bullish break (an aggressive one considering the low volatility in EUR/CHF).
EUR/CHF 4H Chart 2:28PM EDT 10/11/2012
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist of FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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