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EUR/CHF Classical 03.29

EUR/CHF Classical 03.29

2010-03-29 06:58:00
Joel Kruger, Technical Strategist
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EUR/CHF: While the overall outlook remains highly bearish, we can not ignore a daily RSI which has remarkably dipped below 10. Daily, weekly and monthly studies are all showing oversold and as such, we see the greater risk for a significant bounce back towards 1.4500 at a minimum, before even considering renewed weakness and bear trend resumption. The market had finally broken below 1.4300 to fresh all-time lows and with this target finally breached, the timing for a major correction looks to be favorable. Aggressive players should look to build counter-trend longs at current levels. 

 

 Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

 

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