Currencies: Technical Strategies
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What's Next for the Swiss Franc?
Fri, Jun 6 2008, 16:09 GMT
by Andrei Pehar
USD/CHF has found itself in a range the past few weeks, with 1.0200 on the bottom and 1.0545 at the top. We are currently testing the 1.0200 support once again, and what happens next could well determine the future long-term direction of the Swiss Franc against the US Dollar (which is currently under heavy pressure due to poor employment data, rising oil prices, and a dropping Dow).
If 1.0200 breaks and then holds as resistance, the next support levels are waiting at 0.9987, then 0.9643. The latter is a critical level, and if price breaks below that and continues to drop, then we could (eventually) see it go as low as 0.8741
If instead we get another bounce UP from 1.0200, then we'll likely encounter resistance between 1.0333 and 1.0373 on the way back up to 1.0545. If that key level breaks and continues to hold as support, then we could be headed to 1.0790.
Published on Fri, Jun 6 2008, 16:24 GMT
Archive
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