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EUR/CHF Classical Technical Report 05.11

EUR/CHF Classical Technical Report 05.11

2011-05-11 06:12:00
Joel Kruger, Technical Strategist
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EURCHF_Classical_body_eurchf2.png, EUR/CHF Classical Technical Report 05.11

EUR/CHF:Overall, since basing out by fresh record lows by 1.2400 back in late 2010, the cross has been locked in some choppy consolidation. However, while the 1.2400 record lows hold, we continue to favor buying into dips, with medium-term and longer-term technicals looking stretched and in the process of attempting to turn up from oversold readings. A successful defense ahead of 1.2400 followed by a break back above 1.2800 will confirm outlook and accelerate gains. Monday’s intense bullish reversal day confirms bias. A daily close below 1.2400 negates.

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

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