USD/CHF Bears Show Short Term Fatigue
16 June 2011
MONTHLY CHART
Continued weakness has tested the credibility of support from around the bear channel base projection on the long term chart.
DAILY CHART
Note how a positive divergence has developed on the RSI indicator, the first sign that bears are temporarily tiring.
However, recovery through the falling resistance line at 0.8830 is required, followed by a further push through possible resistance from the current 23.6% level at 0.9125, before a more lasting upmove will look underway.
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