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EUR/CHF Classical Technical Report 09.23

EUR/CHF Classical Technical Report 09.23

2011-09-23 06:53:00
Joel Kruger, Technical Strategist
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EURCHF_Classical_body_eurchf2.png, EUR/CHF Classical Technical Report 09.23

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 of a major base. Weekly studies are also confirming with the formation with a very bullish bottom close. A dramatic break back above 1.1975 now officially confirms a fresh higher low by 1.1000, above the 1.0075 record lows and opens a fresh upside extension with a measured move objective towards 1.3000 over the coming weeks. Look for any setbacks to now be well supported above previous resistance now turned support at 1.2000.

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

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