Swiss Franc (CHF) Technical Major Currencies (2012-05-02)

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02 May 2012 @ 01:58 am EDT

Morning Report

The pair has formed a long lower shadow on the daily candlestick after touching the support line which started at the significant trough of 0.8925 as seen on the provided daily chart. Stochastic is on the way to move outside the oversold territories after overlapping positively. Therefore, more upside actions might be witnessed over intraday basis. A break above 0.9105 will confirm and accelerate; whilst clearing 0.9030 will weaken our outlook.

The trading range for today is among key support at 0.8965 and key resistance at 0.9200.

The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 remain intact.

Previous Report

Weekly Report


Support	0.9070	0.9030	0.9015	0.9000	0.8985

Resistance	0.9105	0.9130	0.9145	0.9175	0.9200

Recommendation	Based on the charts and explanations above our opinion is, buying the pair above 0.9105 targeting 0.9260 and stop loss below 0.9000 might be appropriate.