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November 11 – USD/CHF – 15-month low

November 11, 2009 at 9:04 am • Posted in USDCHF

USD/CHF Daily Chart - November 11

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

11/11/2009 – USD/CHF – Price action on USD/CHF, a daily chart of which is shown, has dropped to within just a few pips shy of the 15-month low (1.0030) that was hit just a couple of weeks ago. This occurs within the context of a clear and continuing accelerated downtrend that has been in place for almost a year now. A strong breakdown below key support at the 15-month low, which is essentially in the region of parity for the pair (1 U.S. dollar to 1 Swiss franc), should lead to further bearishness. With the ultimate support target in the region of the all-time low at 0.9640 (hit in March 2008), an intermediate support target resides in the 0.9880 price region.

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