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Remedy Games

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USD-CHF Is Testing the Record Low

Posted by admin On 7:52 PM
By: Mike Kulej The Swiss Franc continues its historic rally, especially against the US Dollar. A few weeks ago, the USD-CHF made an all time low when it reached 0.8918. Since then this pair rebounded to 0.9340, where the downtrend resumed. Currently the price is about to test that record low. On Wednesday, the USD-CHF dropped to 0.8928 in quiet trading. While it was a slow day not just for this pair, but for most other currencies as well, a slowdown so near an important level like here signals uncertainty and advises caution.

Chances are that the price will encounter a strong support in this area. We can see the last daily candlestick forming a doji, which, following a bearish day could be a harbinger of a corrective move. Doji patterns require confirmation, so a bullish candlestick is needed now.

Other technicals also support a correction from this level. Both the RSI and the MACD indicators could have the makings of divergences. Since the price has not made new low yet, these are still only potential divergences. However, all these factors increase chances for the USD-CHF to find a support at the all time low, if only temporarily.

http://www.dailyforex.com/forex-technical-analysis/2011/04/USD-CHF-Is-Testing-the-Record-Low/7683

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