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USD/CHF Classical Technical Report 05.11

USD/CHF Classical Technical Report 05.11

2011-05-11 06:25:00
Joel Kruger, Technical Strategist
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USDCHF_Classical_body_swiss1.png, USD/CHF Classical Technical Report 05.11

USD/CHF: Starting to show signs of basing off of the recently established record lows by 0.8550, with the market putting in a solid bullish close on the weekly and now breaking back above the previous weekly high to end a sequence of consecutive weekly lower tops. Next key resistance comes in by 0.8875 and a break above will further confirm recovery structure and open the door for a move back above 0.9000. Look for any intraday setbacks to be well supported above 0.8700 on a daily close basis. Ultimately, only a daily close back below 0.8700 delays and gives reason for concern.

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

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