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EUR/CHF Classical 03.07

EUR/CHF Classical 03.07

2011-03-07 06:54:00
Joel Kruger, Technical Strategist
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EURCHF_Classical_body_eurchf2.png, EUR/CHF Classical 03.07

EUR/CHF:The market had come under some pressure over the past several days with setbacks extending into the 1.2700’s ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. The latest sharp reversal back above 1.2900 confirms and opens the door for an assault back on and eventually through 1.3200. Any intraday setbacks should now be well supported ahead of 1.2850.

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

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