USD/CHF:Has finally managed to take out the yearly lows from January by 1.0130, with the market easily dropping below this level to 1.0065 thus far. However, any additional declines below 1.0065 are seen limited, with medium-term studies looking stretched. As such, we would be more inclined to be looking for opportunities to buy at current levels. For now, a break and close back above 1.0265 will be required to relieve immediate downside pressures. Aggressive players may want to consider buying following Wednesday’s close with the formation of a bullish daily hammer.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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