USD/CHF: Generally speaking the pair is moving aside. During the 22-12-2010 session, an important support at 0.9550 …
USD/CAD: As for USD/CHF, the pair here is moving aside as well. About a week ago, the pair started an uptrend but was recently corrected…
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**Tomorrow is a holiday in the U.S. and possibly in Europe.
If the trade will be thin, we recommend not enter any trade.
**If the trade would be sparsely our recommendations will be valid beginning next week.
USD/CHF
Daily graph: http://www.real-forex.com/charts-daily/DEC2010/CHF_DAILY_241210.JPG
Generally speaking the pair is moving aside. During the 22-12-2010 session, an important support at 0.9550 was crossed down but during the 23-12-2010 session, that support was crossed back upward. During that test of the support, a bullish engulfing template was created, suggesting a soon reversal of the actual trend from down to up. We are assuming the new trend as uptrend. The template appeared is not enough to enter the opportunity to go “Long”. A confirmation trough the identification of an increasing configuration on a 1H graph is required.
Potential trade
1H graph: http://www.real-forex.com/charts-daily/DEC2010/CHF_1H_241210.JPG
The required configuration should appear when the 1H resistance of 0.9666 will be broken up. The best time to enter a trade would be after the configuration will be identified.
– “Limit” order on “Long” position 5 pips above the given resistance, meaning at 0.9671
– “Stop Loss” order on the last dip occurred, which is: 0.9587
– 1st degree to take profit will be on the following resistance: 0.9722
USD/CAD
Daily graph: http://www.real-forex.com/charts-daily/DEC2010/CAD_DAILY_241210.JPG
As for USD/CHF, the pair here is moving aside as well. About a week ago, the pair started an uptrend but was recently corrected at a level of 61.8% just above the support 1.0081. According to what we see on the graph, you can determine the bearish candles as weaker than bullish candles, emphasizing the actual power of the bulls over the bears. The pair is expected to introduce the new uptrend for the pair, with the breakout of the resistance 1.0209. The trade opportunity noted here is counting about 120 pips, very attractive with a high potential profitability.
Of course, as we noticed, every trade requires a confirmation through the identification of adapted price configuration on a 1H scaled graph.
Have a nice holiday and a good week end
Real-Forex team 