Date: 17.10.2012 Time: 18:12 Rate: 0.9219
4 Hour chart
Last Review
USD/CHF forecast – The price did break the 0.9300 lower ranging level and it looks like it is making its way towards the last low on the 0.9240 price level. Breaking this level in a proven way will lead the price towards the last low on the 0.9042 price level (it is possible to see it on the Daily chart as well). On the other hand, stoppage of the price at the current area and creation of an ascending price structure will probably create a technical pattern which called “Double bottom” which will bring a move upwards that will perform a correction of the downtrend marked with red broken line.
Current review for today
USD/CHF forecast – The price has reached the last low and looks like it is breaking it, but stopping a little before continuing downwards. It is possible to see that the price is slowly sliding to the lower lip of the shrinking descending price channel (black broken lines) and until the price will not break this trend line, it is used as a support. Proven breaking of the lower lip of the tunnel will probably lead the price towards the last low on the 0.9042 price level. On the other hand, stoppage of the price at the current area and creation of an ascending price structure will probably create a technical pattern called “Double bottom” which will lead to an uptrend that will correct the downtrend marked with red broken line.
You can see the chart below:
