September 6, 2011
- USDCHF has broken its weekly down trend line and it has also violated 20 week moving average.
- If week manage to close above the TL and 20 WMA then this move will sustain. And will target 50 week moving average which is near 0.9020 levels right now.
- Long weekly shadow at the bottom of the trend gave warning of a likely change in trend. They say everything is priced in and those who created that long shadow anticipated such a news weeks before it happened.
- Crude oil has broken its support line
- Price is also coming down from 200 SMA which makes it even more difficult to for bulls, Any bounce from here will be a dead cat bounce. It will take a strong bulls to break above the 200 period moving average in the short term.
- Now there is minor support near 82 levels. Then it will be the test of 79.38, If that level does not hold price may move towards 75.67.
- Price If gets support near 79.38 levels we may see a bounce towards the broken trend line.
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.