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EUR/CHF Classical Technical Report 05.30

EUR/CHF Classical Technical Report 05.30

2011-05-30 05:13:00
Joel Kruger, Technical Strategist
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EURCHF_Classical_body_eurchf2.png, EUR/CHF Classical Technical Report 05.30

EUR/CHF:Any hopes for a material base by 1.2400 have now been shattered, with the market dropping to fresh record lows below the figure and threatening deeper setbacks towards major psychological barriers by 1.2000. Still, while medium and longer-term studies show overextension, we continue to like the idea of looking for opportunities to buy into dips rather than selling. For now, we will stay on the sidelines and await the next opportunity. Back above 1.2260 will be required at a minimum to relieve immediate downside pressures.

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

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