EUR/CHF Keeping Pressure on 76.4% Resistance
08 December 2011
MONTHLY CHART:
On the long term chart the upside focus is currently on the 1.2665 38.2% recovery level of the whole fall from 2007 high. However, its strength is uncertain once key resistance on the Daily chart is breached - see below.
DAILY CHART:
See how pullbacks have been muted, following the Oct test of 76.4% resistance. Note also the resistance coming from around the 1.2400 Dec-10 low, making this a key area.
A clear break through this could be powerful, calling for higher targets. At this stage note potential resistance offered by the rising return line at 1.2735 currently.
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