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Forex: GBP/USD unchanged in Asia; support at 1.5800

25.05.12

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Source: FXstreet.com

Weekly Forex Update: CHF/JPY

25.05.12

Weekly Forex Update: CHF/JPY

Autochartist has recently identified the stoned Quality Pennant chart model on the 4-hour CHF/JPY charts. The overall Value of this chart pattern is rated at the 8 bar altitude as a result of the maximum Initial Trend (rated at the 10 bar even), average Uniformity (5 bars) and large Clarity (8 bars). This table pattern continues the predominant uptrend unmistakeable on the weekly and the monthly CHF/JPY charts. More specifically, this tabulation pattern continues the sharp above-mentioned daily upward price impulse (which acts as the 'waste away-pole' of this chart pattern) whose power is reflected by the maximum Initial Trend value of this Standard. The aforementioned preceding daily upward figure impulse started in the beginning of 2012 – when CHF/JPY reversed up precipitately from the strong area of support dishonest at the intersection of the following technical promote levels: monthly support trendline from the heart of 2000, 50% Fibonacci Retracement of the too soon sharp upward monthly reward impulse from the May of 2000 to the June of 2008 as well as the mellifluous price level 80.00 (as is shown on the instant chart below). The top of this chart pattern (tip A on the chart below) formed close to the outstanding resistance level 91.00 (which had been reversing the doublet down multiple times over the last few years). The span is expected to rise further. The resistance at 91.00 should be ignored on a closing basis for the uptrend to sustain.

Source: Action Forex