Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account
View RSS Feed

The Daily Forecaster

DAILY FORECAST FOR USDCHF

Rate this Entry
by , 01-02-2013 at 09:06 PM (489 Views)
[B]BIAS[/B]: We should see stronger losses resume today

[B]Resistance[/B]: 0.9199 0.9210 0.9231 0.9244
[B]Support[/B]: 0.9170 0.9155-60 0.9135 0.9117

[B]MAIN ANALYSIS[/B]: Yesterday's whip lower and whip back to new corrective highs was a bit drastic but has cleared out the recent consolidation and opens the door to resolve the downside test. The 0.9170 area looks important and ideally I'd prefer a push back to the 0.9210-30 area. If seen I feel that will generate a reversal lower and begin a move back down to around the 0.9077-83 lows and may see a minor correction again. Overall this should imply a move down to the 0.9020 projection target.

[B]COUNTER ANALYSIS[/B]: Only above 0.9235 would concern. There is minor pivot resistance at 0.9245 and what looks to be firmer resistance around 0.9268-82… Only above there sees 0.9311-21…
A break below below 0.9170 would also risk direct losses but still with the outcome of a retest of the 0.9077-83 lows, pullback and later an approach to the 0.9020 projection target.

For more information regarding the support & resistance and medium term outlook please see the attached PDF file.

Good trading
Ian Copsey

[B][URL="http://harmonicelliottwave.blogspot.jp"]HARMONIC ELLIOTT WAVE BLOG[/URL][/B]
รูปขนาดเล็ก ไฟล์แนบข้อความ

Comments

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.