The June Swiss franc continued to weaken against the U.S. dollar overnight on Thursday after straddling a 50 percent price level on Wednesday. The dollar has been strong since Tuesday after the U.S. Federal Reserve Minutes revealed that the central bank is not considering additional quantitative easing at this time.
Technically, the main trend is down on the daily chart. This trend turned down after the single currency crossed the last swing bottom at 1.1008 earlier in the week. The main range is 1.0725 to 1.1119. This range has created a retracement zone at 1.0922 to 1.0876. After trading on both sides of 1.0922, traders broke this 50 percent level with conviction overnight, driving the market into the Fibonacci retracement level at 1.0876.
In addition to the horizontal support levels, the June Swiss franc is also testing an uptrending Gann angle at 1.0875 while walking down a steep downtrending Gann angle at 1.0879. This set-up has created an important support cluster with the Fibonacci retracement level at 1.0879 to 1.0875.
With the main trend down, pattern, price and time analysis is suggesting that we could see a counter-trend technical bounce from this cluster, but if it fails to hold, the June Swiss franc may continue to drop into another uptrending Gann angle at 1.0800 on Friday.
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June Swiss Franc Futures Testing Key Support Cluster: April 8, 2012
Published 04/06/2012, 06:00 AM
Updated 05/14/2017, 06:45 AM
June Swiss Franc Futures Testing Key Support Cluster: April 8, 2012
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