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USD/CHF Classical 07.15

USD/CHF Classical 07.15

2010-07-15 05:28:00
Joel Kruger, Technical Strategist
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USD/CHF: Could finally be poised for some significant upside after the market stalled out by key multi-week support in the 1.0500 area and bounced to end a sequence of 11 consecutive daily lower highs. Daily studies have turned up but still track in oversold territory to suggest that there is plenty of room for a major bounce. We are however somewhat concerned with the bearish reversal day on Tuesday, but will retain our constructive outlook so long as the market holds above 1.0500 on a close basis.

 

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