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USD/CHF – The market is attempting to recover after posting fresh 2009 lows by 1.0030 and just shy of parity on 23Oct. While the overriding trend is still intensely bearish, we like the idea of looking to buy at current levels, with both shorter-term and medium-term studies showing the need for a healthy rebound. The recent break back above 1.0230 is really encouraging with the market putting in a strong bullish reversal signal on the weekly chart. Look for setbacks to now be well supported ahead of 1.0100 in favor of a fresh upside extension back towards 1.0500 over the coming sessions.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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