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USD/CHF Classical 02.24

USD/CHF Classical 02.24

2011-02-24 06:59:00
Joel Kruger, Technical Strategist
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USDCHF_Classical_body_swiss1.png, USD/CHF Classical 02.24

USD/CHF: The latest break to fresh record lows below 0.9300 is certainly concerning and threatens our longer-term recovery prospects. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks in favor of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a break back above 0.9400 would be required to relieve immediate downside pressures.

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

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