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Dec 19, 2014

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Home » Technical Analysis » Daily » CHF » USD/CHF Breaks Below Rising Trendline from October

USD/CHF Breaks Below Rising Trendline from October

Forex Technical Update

Previous: USD/CHF Reaches Swing Projection and Rising Trendline (11/21)

USD/CHF 4H Chart 11/23/2012 8:10AM EST

USD/cHF 11/23/2012 4H chart

Trendline: The USD/CHF broken below the 0.9380 pivot, the rising trendline, and 200-4H-SMA during the 11/22 session. As we get into the final US session of this week (11/23), the pair continues lower, trading at about 0.9333 at 8:10AM EST. The origin of the rising trendline was the 0.9214 low from October. Therefore, the break opens up this target. Above that low, there is another support/resistance pivot at 0.9238, so 0.9214-0.9238 represents a possible support/target zone.

Pullback: The 4H RSI is about to show oversold condition with the RSI about to tag 30. A break below 30 is actually a good sign that there is some bearish momentum, but maybe near-term oversold. Also note that 0.9328 is 61.8% retracement of the Oct-Nov upswing. If there is a pullback, the 0.9380-0.9400 area should hold as resistance in order to show respect to the topping development, and bearish take-over. A break above 0.9430 could bring back the bullish outlook with 0.9511 in first focus.

Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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