USD/CHF Weekly Technical Report 20-24/5/2013
ecPulse
2013-05-20 07:00AM UTC
A bearish harmonic Butterfly Pattern might form around 0.9770 levels. Meanwhile, the pair is still trading positively benefiting from breaching key resistance level of descending channel earlier; Linear Regression Indicators also support the upside move. Hence, levels 0.9770 are considered an interval of the week’s trading trend as we need to see how the pair would react around it forcing us to prefer to be intraday neutral in our weekly report waiting for confirmation signals.
The trading range for this week is among key support at 0.9495 and key resistance at 0.9970.
The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
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