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USD/CHF Classical Technical Report 05.16

USD/CHF Classical Technical Report 05.16

2011-05-16 05:51:00
Joel Krguer,
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USDCHF_Classical_body_swiss1.png, USD/CHF Classical Technical Report 05.16

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 for two consecutive weeks and breaking back above the previous weekly high. Next key resistance comes in by 0.9000 and a break above will further confirm recovery structure and open the door for a move back towards a medium-term lower top at 0.9340. 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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