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USD/CHF Classical 03.11

USD/CHF Classical 03.11

2011-03-11 07:20:00
Joel Kruger, Technical Strategist
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USDCHF_CLassical_body_swiss1.png, USD/CHF Classical 03.11

USD/CHF: The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. 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 for an eventual break back above parity. The latest break and close back above 0.9330 strengthens the outlook and could now accelerate gains. Intraday setbacks should be well supported ahead of 0.9260.

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

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