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USD/CHF Classical Technical Report 01.31

USD/CHF Classical Technical Report 01.31

2012-01-31 07:27:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCHF_body_swiss1.png, USD/CHF Classical Technical Report 01.31

USD/CHF: Although our overall outlook remains intensely bullish, the market is in the process of some interday consolidation before the next major upside extension beyond 0.9600 and towards parity. However, with the latest consolidative declines now finally testing the 100-Day SMA, any additional downside should be limited in favor of a fresh upside extension. Ultimately, only a daily close back below 0.9000 would give reason for concern. Alternatively, a close back above 0.9230 would alleviate immediate downside pressures and reaffirm outlook.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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