the level 0.9898 which represents 38.2% correction level for the bearish move from ( 1.0182 to 0.9723 ) where the pair formed a top at this level that pushed it down to retest the nearest support levels and this bearish move for the last intraday trades is expected to form the right shoulder for the head and shoulders pattern which is the reflective pattern for the bearish direction and this pattern is a complete for the positive signs which is formed on the pair , which refers that the pair will rise during the next trades, breaking the resistance level 0.9898 with breaking the neck line for the pattern which is mentioned in the chart; the pair will continue rising till the target area for the pattern.
Tuesday, February 15, 2011
managed to gain
the consensus and last reporting periods figure. Despite still being less than 50 (meaning the industry is still contracting), this indicates that the recessions grip on the economy is slowly easing. The prime suspect, as usual, was increased risk tolerance. The initial CHF buying frenzy has now abated though so unless risk appetite persists, the CHF would most likely trade side wards once again.Prices are predicted to have remained flat in June.
