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EUR/CHF Classical Technical Report 08.12

EUR/CHF Classical Technical Report 08.12

2011-08-12 04:09:00
Joel Kruger, Technical Strategist
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eurchf_techs_body_eurchf.png, EUR/CHF Classical Technical Report 08.12

EUR/CHF: The latest sharp reversal off of record lows just shy of parity is encouraging and could finally be starting to signal the formation for a major base. A strong bullish close on Thursday ends a sequence of consecutive daily lower tops and also marks the first time in a while that the market has actually managed a close above the previous daily high. Look for any setbacks to be well supported ahead of 1.0600, while rallies could now extend back above 1.1500 over the coming sessions. Weekly studies are also confirming with the potential formation of a very bullish bottom close.

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

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