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USD/CHF Classical 03.24

USD/CHF Classical 03.24

2010-03-24 05:56:00
Joel Kruger, Technical Strategist
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USD/CHF: The overall structure is constructive with a medium-term higher low now sought out by 1.0500 in favor of the next major upside extension beyond 1.0900 and towards 1.1500 further up. Ultimately, it is the 200-Day SMA that we use as our gauge for direction, with the longer-term SMA, which comes in just under 1.0500, expected to continue to prop setbacks. So long as the market holds above this SMA, we recommend looking for opportunities to be long. A break back above 1.0670 should accelerate gains. 

 

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