Thanks for your comments, Tom. I'm finding it difficult to determine lines of support and resistance. There often seem to be so many candidates. You ask how I would trade this chart, and my answer is that I've been looking for support below which I could "safely" go short. There being no apparent support below 95.74 until 93.40 or thereabout, I put in an order tonight to sell at 95.62 stop. On the upside, I'd be bothered by several recent highs and lows that might or might not provide nearby resistance.

Recently, however, I've become interested in using trendlines of 14-day exponential RSI as indicators of support and resistance. My current focus is on finding breaks of uptrend lines to confirm downtrends, and vice-versa. If there's no countertrend line to break I'm also looking for re-establishment of trend on a new trendline in the same direction after a break of the preceding trendline. The attached graph illustrates this concept for the June Swiss Franc.

A series of uptrend lines formed in January, and also a downtrend line formed (Line 1). Almost immediately after two points formed Line 1, RSI broke through an uptrend line (Point A), "confirming" the Line 1 downtrend, for which I drew a corresponding line of resistance on the price chart. Another uptrend line was broken at Point B with Line 1 still intact. I drew another corresponding line of resistance for that. Then, while RSI was on an uptrend line formed in February (Line 2), RSI finally broke through Line 1 (Point C), "confirming" change from a downtrend to an uptrend, for which I drew a corresponding line of support. Line 2 was broken in early March at the first point of Line 4, as it turned out (Line 4 wasn't yet evident at that point in time), then reestablished the uptrend at Point D, forming Line 3, whereupon I drew another line of support. Lo and behold, that line is at 96.67. (Points E, F, and G were determined similarly.) As a result, I think I've determined major lines of support and resistance, which, however, is not to say that there don't remain other lines that could come into play, as well. However, it does look to me as if RSI can be quite effective at determining major turning points.