Monday, January 10, 2011

USDCHF—resistance zone

I'm still long from .9338, .9490 and .9652.

After climbing to a high of .9708 Thursday, the Swissy fell back to .9605 before beginning another rally which has brought it to a spike high of .9727 this morning.

The pair is battling a resistance zone. It includes price, polarity (look left to October and December on the daily chart below) and fibos as well as the steep weekly chart downtrend line from June. The zone runs up to .9860 which is where the daily downtrend line is from last August. So let's wait and see how it goes.

Support is at .9605, .9553/48, and .9463/48.

Here's the daily chart:

© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.

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