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USD/CHF Classical Technical Report 02.21

USD/CHF Classical Technical Report 02.21

2012-02-21 07:04:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCHF_body_swiss1.png, USD/CHF Classical Technical Report 02.21

USD/CHF: Setbacks have been very well supported in early 2012 ahead of 0.9000, and it looks as though the market could be looking to carve a medium-term higher low ahead of the next major upside extension. We will now look for a weekly close back above 0.9300 to provide added confirmation for probability of underlying bullish resumption. Ultimately, look for a push back above 0.9600 and towards 1.0000 over the coming weeks. Only a break and weekly close below 0.9000 would negate and give reason for concern.

--- Written by Joel Kruger, Technical Currency Strategist

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

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