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USD/CHF Classical 02.02

USD/CHF Classical 02.02

2011-02-02 06:57:00
Joel Kruger, Technical Strategist
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USDCHF_CLassical_body_swiss1.png, USD/CHF Classical 02.02

USD/CHF: The market has failed to hold above the 0.9400 figure as we had wanted with Tuesday’s daily close back below the figure now exposing a retest and break of the 31Dec record lows by 0.9300. A clear break and close below 0.9300 will open a fresh downside extension eyeing next major psychological barriers by 0.9000, while inability to establish below 0.9300 will suggest that the market is still attempting to base out in favor of an eventual longer-term rally out from major cycle lows. In the interim, we remain sidelined and will wait for a clearer signal.

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

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