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16 Dec 2013
USD/CHF double bottom pattern attempt?
FXstreet.com (Chicago) - USD/CHF continues trading below the 0.89 zone although a reverse attempt seems to be consolidating shortly after the opening of the American trading session.
The most recent data releases reveal mixed US results while the stock markets open strong with the Dow up 0.51%, Nasdaq 0.49% stronger and S&P 0.46% higher.
USD/CHF Technical Levels
Technically speaking, the pair is offered at 0.8869 and oscillates between the supports aligned at 0.8840 (December 10th lows), 0.8789 (September 20th lows 2011) ahead of 0.8722 (May 15th lows 2011) and the resistances set at 0.8918 (December 13th highs), 0.8974 (December 6th highs) followed by 0.9031 (November 29th lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bearish and navigates below the EMA20. If the pair manages to pull off a reverse, a double bottom formation will be evidenced.
The most recent data releases reveal mixed US results while the stock markets open strong with the Dow up 0.51%, Nasdaq 0.49% stronger and S&P 0.46% higher.
USD/CHF Technical Levels
Technically speaking, the pair is offered at 0.8869 and oscillates between the supports aligned at 0.8840 (December 10th lows), 0.8789 (September 20th lows 2011) ahead of 0.8722 (May 15th lows 2011) and the resistances set at 0.8918 (December 13th highs), 0.8974 (December 6th highs) followed by 0.9031 (November 29th lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bearish and navigates below the EMA20. If the pair manages to pull off a reverse, a double bottom formation will be evidenced.