Sunday, May 30, 2010

Swiss Franc (2010-05-30 USDCHF analysis)

Below is 4-hour chart for USDCHF.



Trading range now is 1.1479 - 1.1586. Support area is 1.1444-1.1479. As the price broke the uptrend line, and a head-and-shoulders is probably showing up, I would predict a surge in Franc and therefore plunge in USDCHF. We could more aggressively enter short positions when it breaks the support area, and target would be at 1.12 (by the head-and-shoulders pattern).

Good luck.

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