Tuesday, April 7, 2009

Eur Chf – Channel breakout & .618 Fibonacci support

 

eur chf 240 mins 7.4.09

First the 240 mins charts. I have marked the downward trending channel on the chart. Last week we saw a break above the resistance line of the channel.  That was good. Market was attempting to fill the gap after the huge 500 pip candle in early march after the Fed announcement. Now that some of that work was done, it decided to continue with the uptrend. So the breakout.

 

Now the hourly charts -

eur chf hourly

A correction to the upmove shown on the 240 mins charts happened, and it then took support at the .618 fib level & has bounced back up from there. This would mean that we should now see a continuation of the uptrend started by that huge bull candle. Would look to go long on any dips.

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