US Dollar vs Swiss Franc analysis

The June 24th high of 1.1021 has capped all price action since that date. The market is currently testing an important level of support around 1.0556. This level has been tested several times and is likely to be exceeded to the downside. A logical next target is between 1.0370 – 1.0200.


Daily Gold chart as at 28 August 2009 using NextVIEW Advisor. Click on chart for larger view.

TECHNICALS

MACD – declining, in negative territory.
Stochastic – weak, around the 20 level.
SMA 200 – flat at 1.1160.
R1 – resistance at 1.1020
S1 – 1.0650
S2 – 1.0367
S3 – 1.0020

****

Article and Commentary by Don Schellenberg. A trader and trading coach, he is a noted expert on Market Structure, Elliott Wave and Fibonacci. He trades the forex market.