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    New Home Sales - Fundamental Analysis for April 24, 2012

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    Overview:
    • The USD/CHF pair has not shown signs of breaking the highest levels of 0.9341 and 0.9425. The support has already been set at the spot of 0.9347 for several days. Therefore, it will be a good sign to buy above the level of 0.9425/0.9341 (because we expect a bullish market in coming days) with the first target of 0.9481 and resume to 0.9540 in order to form a new double top this week. Moreover, the resistance is going to be placed at the price of 0.9544. Hence, we expect a range between the levels of 0.9544 and 0.9435. However, in case a reversal takes place and the USD/CHF pair breaks through the minor support level of 0.9430, the market will lead to further decline to 0.9402. Additionally, it will be able to indicate the correction movement at this level. But it should be noted that the channel emerging of RSI is still positive on the H1 chart. So, the RSI calls for a new uptrend at this level (0.9435). Also, we should notice a point of view that the MA(50) would be a confirmation for the uptrend but in the short-term period.

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    Uitgevoerd door, Analytische expert
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