EUR/CHF Classical Technical Report 09.26
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
If you wish to receive Joel's reports in a more timely fashion, e-mail firstname.lastname@example.org and you will be added to the "distribution" list.
If you wish to discuss this topic or any other feel free to visit our Forum page
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.