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USD/CHF Classical Technical Report 08.30

USD/CHF Classical Technical Report 08.30

2011-08-30 05:46:00
Joel Kruger, Technical Strategist
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USDCHF_Classical_body_swiss1.png, USD/CHF Classical Technical Report 08.30

USD/CHF: The latest sharp reversal off of record lows just shy of 0.7000 is encouraging and could finally be starting to signal the formation for a major base. Weekly studies are also confirming with the formation of a very bullish bottom close. From here, look for an acceleration of gains back towards the 0.8500 area over the coming days with setbacks expected to be well supported above 0.7800 on a daily close basis, where a fresh higher low appears to now be in place.

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

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