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USD/CHF Technical Analysis for May 9, 2012

Thanks to the pullback that the USDX did during the Friday's session, the current price is below the resistance level of 98.01. The move that could open the way to more falls to the support level of 96.60 is expected in the short term. The USDX is strong in the general bullish bias and we're not looking for the short side trades yet.

USDXDaily.png

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At the H1 chart, the USDX tries to stay above the support level of 97.19, but we're still in front of a possible bearish consolidation, as the index is trading below the 200 SMA. Of course, this consolidation is mentioned in a short term bias, as the USDX still has enough bullish momentum to do rallies towards new highs.

USDXH1.png

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Daily chart's resistance levels: 98.01 / 99.19Dailychart's support levels: 96.60 / 95.53H1 chart's resistance levels: 99.13 / 100.01H1 chart's support levels: 97.93 / 97.19

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 99.19, take profit is at 100.49, and stop loss is at 98.27.

Mourad El Keddani neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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