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Swissy Remains Bullish Sept. 26, 2012

By Colin Jessup

Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown....

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The USD/CHF is maintaining its Bullish momentum during Asian trading after retesting the Weekly S1 at 0.9260 before climbing to its current price at 0.9391. The pair is most likely heading for the 0.9450 level, the lows from June. Resistance is strong at this level with a descending trend line intersecting with the Monthly S1 (now acting as resistance) at 0.94005 & The Weekly R2 at 0.94186. The trend line itself is made up of at least 9 'touches' and defines the upper side of a descending channel that began to form when prices reached the 19 month high at 0.9971 on July 24 of this year. The lower channel line is not as well defined but saw price fake a break lower on September 19, stopping at the combined Weekly S1 / Monthly S2 around 0.9260. Prices then consolidated for the next 4 days and broke back inside the channel 4 days ago. Targets will be the previously mentioned 0.9450 level which is also a 23.6% retracement level for the Bearish Channel, and then most likely the 0.9500 area with the Weekly R3 offering resistance once more time at 0.9482. Finally, with the daily RSI heading into the 'overbought' territory we should expect to see a pull back, possibly off of the 0.9400 level before making another push for the top of the channel.

USDCHF Daily

Happy trading!

Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

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