| Sep 9 2010, 08:08:43 GMT | Sydney: | 18:08 | Tokyo: | 17:08 | Barcelona: | 10:08 | London: | 09:08 | New York: | 04:08 | San Francisco: | 01:08 |
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Mid Session Analysis
The Main Trend is up in the USD CHF. This is based on the recent rally through the swing top at 1.0955 and the higher bottom at 1.0632.
This market is currently finding horizontal support at the retracement level of 1.080 to 1.0754. This zone is inside of the main range of 1.0590 to 1.1020. Holding above the 50% price at 1.0800 is a sign of developing strength.
Currently this market is trading on the bull side of the down trending Gann Angle from the 1.1741. This is another sign of strength. Recently this pair held a test of a Gann angle from the 1.0590 bottom at 1.0705 today and regained another up trending Gann Angle at 1.0820. Combined with the retracement level, 1.0820 to 1.0800 becomes an important support level today.
As long as this market can hold above the retracement zone and the up trending Gann Angles then look for higher markets. The chart indicates there is nothing in the way to prevent a rally to 1.1163 over the near term.
Mid Session Chart
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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 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.
