TECHNICAL ANALYSIS OF USDCHF 02/09/12

The temporary break of a minimum of 0.9114 indicates the resumption of the decline from 0.9594. The intraday bias is again bearish for 0.9065 support. Considering the bearish divergence condition in daily MACD, the whole rebound from 0.7065 has possibly ended. A break of 0.9065 support will target the key 0.8567 support to confirm the bearish case. On the upside, a break of 0.9262 resistance will be required to report the achievement of the minimum term. Otherwise, the prospect will remain bearish even in case of recovery. The rebound from a low of 0.7065 in the medium term is considered only as part of the plot of consolidation. Values ​​below the support of 0.8567 will indicate that this bounce is now finished and will lead to a retest on the minimum of 0.7065. Values ​​above 0.9594 will lead to another rise. In any case, there will be a strong resistance to the next level cluster 0.9916 (61.8% retracement of 1.1730 to 0.7065 to 0.9948, 61.8% projection of 0.7065 to 0.9315 to 0.8567, or 0.9958) to limit the rise and lead to a ' inversion. The down long-term trend should resume after the completion of the consolidation by 0.7065.

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