GBP/CHF Starting to Recover Again
03 June 2010
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WEEKLY CHART: The pullback from the 2009 1.8112 initial recovery high eventually found good support - exactly at the 76.4% retracement level.
The chart structure and certain signs on the Daily chart below suggest that the 1.8112 high can be challenged in due course, with a continuation through likely to find next resistance around the 38.2% recovery level.
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DAILY CHART:
The bounce off 76.4% found initial resistance from the bear channel top, but has now seen initial violation of this.
Once through old Nov/Jan 1.7112 highs resistance the next focus would be on the 1.7570 76.4% recovery level of prior Jun-09/Mar downmove, where recovery could temporarily falter.
At this stage s/term dips should hold above the 1.6088 05-May low in order to avoid a collapse in momentum.
Philip Allwright
Mark Sturdy
Seven Days Ahead
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