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USDCHF Daily Forecast: November 10

Premium Market Reports by FXTechStrategy

USDCHF Daily Forecast: November 10
Tuesday, November 10th, 2009 @ 12:38 am by Setyo Wibowo

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

About Me My Articles

USDCHF Forecast
My technical strategy worked perfectly yesterday. As you can see on my h4 chart below, we had a nice bearish movement, bottomed at 1.0053 after my trendline support (red) violated to the downside. The bias remains bearish in nearest term but I will stay away for now since we are faced with 1.0000 psychological support area. I need a clear movement below 1.0000 area to confirm that we are in a new stage of bearish scenario. Immediate resistance at 1.0120 and 1.0166 area. As long as the pair stay below that area expect further downside pressure.

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