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USD/CHF Classical Technical Report 05.06

USD/CHF Classical Technical Report 05.06

2011-05-06 07:13:00
Joel Kruger, Technical Strategist
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USDCHF_Classical_body_swiss1.png, USD/CHF Classical Technical Report 05.06

USD/CHF: The latest break to fresh record lows below 0.8600 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. Look for the market to hold above 0.8500 on a daily close basis, while only a break and weekly close below 0.8500 ultimately delays outlook. Thursday’s strong bullish reversal day is encouraging for recovery outlook, though the market will need to continue to extend gains for confidence to build.

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

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