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USD/CHF Classical 05.04

USD/CHF Classical 05.04

2010-05-04 06:32:00
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 1.0435 in favor of the next major upside extension beyond 1.0925 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 on a close basis. So long as the market holds above this SMA on a close basis, we recommend looking for opportunities to be long. Short-term support now comes in by 1.0700. It is also worth noting that the 100-Day SMA has recently crossed up above the 200-Day SMA for the first time since September 2008, which is another bullish signal. 

 

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

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