FXTechstrategy Team
USDCHF: Sets Up For Further Recovery.
USDCHF: The pair may have initiated a corrective recovery but continues to retain its broader long term downtrend in place since Nov’2008. However, on continued recovery into the new week, USDCHF will aim at the 0.8896 level, its Mar 16’2011 low where a reversal of roles as resistance is expected to occur and turn the pair back down. Further out, resistance is seen at the 0.9013 level, its April 19’2011 high and possibly further higher. On the downside, the risk to our analysis will be a return below the 0.8553 level, its 2011 low. This will open the door for more downside weakness towards the 0.8500 level, its psycho level with a violation of that level calling for further losses towards the 0.9400 and 0.9300 levels, all representing its psycho levels.
USDCHF: Sets Up For Further Recovery.
USDCHF: The pair may have initiated a corrective recovery but continues to retain its broader long term downtrend in place since Nov’2008. However, on continued recovery into the new week, USDCHF will aim at the 0.8896 level, its Mar 16’2011 low where a reversal of roles as resistance is expected to occur and turn the pair back down. Further out, resistance is seen at the 0.9013 level, its April 19’2011 high and possibly further higher. On the downside, the risk to our analysis will be a return below the 0.8553 level, its 2011 low. This will open the door for more downside weakness towards the 0.8500 level, its psycho level with a violation of that level calling for further losses towards the 0.9400 and 0.9300 levels, all representing its psycho levels.