Monday, July 11, 2011

EUR/CHF ~ Update ~ 11 July 2011

The EUR/CHF broke the short-term downward channel late June and then rallied almost up to the medium-term resistance at 1.24. Since then it has sold-off again and hit a new low today at 1.1750.

There's actually no support below 1.18 since we're at all-time lows. The blue channel line may be some sort of suppport. As I've been saying for months now though I'd rather sell the rips than buy the dips.

Medium-term resistances are at 1.24ish and 1.27ish. As long as we stay below these levels the medium-term trend is down.

Short-term resistances are at 1.18 (if we don't rally back above it within the next few minutes) and at 1.20ish.