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USD/CHF Classical Technical Report 02.29

USD/CHF Classical Technical Report 02.29

2012-02-29 07:54:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCHF_body_swiss1.png, USD/CHF Classical Technical Report 02.29

USD/CHF: The market remains under some intense pressure since topping out by 0.9600 back in late December/early January, and risks from here are for deeper setbacks over the coming sessions, potentially towards the 200-Day SMA by 0.8800 before eventually stalling out. However, our broader outlook remains bullish and we will be on the lookout for the formation of the next medium-term higher low ahead of a fresh upside extension back through 0.9600 and above parity. Ultimately, only a break back below 0.8550 would compromise outlook and give reason for pause.

--- Written by Joel Kruger, Technical Currency Strategist

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

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