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USD/CHF Classical Technical Report 05.31

USD/CHF Classical Technical Report 05.31

2011-05-31 05:30:00
Joel Kruger, Technical Strategist
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USDCHF_CLassical_body_swiss1.png, USD/CHF Classical Technical Report 05.31

USD/CHF: The latest minor recovery has proved to be just that, with the market finding a fresh lower top ahead of 0.9000 in favor of this latest sharp drop to yet another record low in the 0.8500 area. Daily studies are however still looking quite stretched to us, and we continue to like the idea of taking shots at buying on dips in anticipation of a major base. Look for current declines to hold around the 0.8500 area and a break back above 0.8740 to encourage basing prospects and open the door for the potential formation of a major interday double bottom (neckline by 0.8950) projecting gains back towards 0.9500. A daily close below 0.8400 would negate.

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

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