Recovery in EUR/CHF Again At Key Resistance

08 April 2011

The FX Specialist view -

WEEKLY CHART A second recovery attempt this year is again testing resistance from the 23.6% retracement of the downmove from 1.5881 Dec-08 high.

A break through would turn focus towards the 1.3730 38.2% level.

DAILY CHART:

Resistance from the 1.3225 12-Nov low, which nicely coincides with the 23.6% level on the Weekly chart, is again under scrutiny. Not far above is a s/term channel top, but more key is the higher channel top projection at 1.3325 currently.

A breach of this latter would provide confirmation that bulls were dominant.

Philip Allwright

Mark Sturdy

Seven Days Ahead

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