EUR/CHF WEEKLY REPORT
August 27th, 2008
The weekly chart shows a peek above that white descending trendline and retracement down, retesting it, and breaking it. Price is trading below the 5 sma channel, and the green 22 sma. Candlestick formation is showing a bit of an inverted head and shoulder pattern, if you turn your head sideways a bit to look at it. This would be bullish if completed. Moms are flat giving no direction, but slightly bearish. Price action shows sideways consolidation is in force. A range trade strategy could be profitable because a definite range has been established. We do not want to risk trading this week. Price will be choppy in both directions.
