Special Focus USDCHF 01 21 12

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Saturday, 21th of Jan, 2012
SPECIAL FOCUS USDJPY
FXTechstrategy Team
info_at_fxtechstrategy.com
USDCHF Bearish, Set To Correct Further
Lower. USDCHF With a second week of declines
sending the pair further lower the past week, the
risk is for USDCHF to weaken more in the new
week. Although the pair continues to retain its
medium term uptrend, its present correction has
put that on hold and turned the risk to the
downside towards the 0.9240 level, its Dec
212011 low. A clearance of that level will turn
focus to the 0.9175 level, its Dec 082011 low. A
halt may occur here and turn the pair back up but
if that level breaks, lower level prices could
shape up towards the 0.9063 level, its Nov
302011 low. Its weekly RSI is bearish and
pointing higher supporting this view. On the
upside, the pair will have to break and close
above the 0.9591 level to resume its medium term
and shift focus to the 0.9772 level, its Feb
112011 high. Further out, a violation of there
will allow the pair to strengthen further towards
the 0.9913 level, its Dec 072010 high followed
by its psycho level at 1.0000 level. On the
downside, the risk remains for the pair to
decline further on further correction. To read
the full version of this 7 model currency
analysis check out FXT Technical Strategist
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