Saturday, July 10, 2010

USDCHF Weekly Chart 10072010 - Expect the same pattern

 After big sell off usdchf tends to cause a pullback. We really don`t know if 1.0483 can be the bottom but we expect bottom next weeks between range [1.02,1.05].
This is a trade that request patience. Big correction last weeks broke last sessions 61.8 fibonacci from 0.9916,1.1733. But my thought at this levels tell me, good area to open long positions risk profit/loss very interesting . Last low with bullish divergence and tested last bottom (december 2009) .
For bullish view ( bottom now) important hold last lows 1.0483 and close daily chart next sessions above 1.07.
 Close above 1.07 expect 1.0950 possible extension to 1.1110.
Click to zoom in. Good luck folks.


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