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EUR/CHF Classical 07.29

EUR/CHF Classical 07.29

2010-07-29 06:28:00
Joel Kruger, Technical Strategist
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EURCHF7.29_body_eurchf2.png, EUR/CHF Classical 07.29

EUR/CHF: The market looks to have finally found a major base by the recent record lows at 1.3070, and the risks from here are for additional corrective upside towards 1.4000-1.4200 over the coming days. Daily and weekly studies have turned up from oversold, while monthly studies are just starting to break up to provide additional confirmation for bullish outlook. Look for any setbacks to be well supported in the 1.3500 area, with the market now looking to carve out the next higher low ahead of some fresh upside towards next key resistance by 1.3900 over the coming sessions.

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

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