The Swiss Franc has slid lower against its counterpart the US Greenback, sending the daily chart higher. The Swiss currency slid another .78 cents bringing the pair to a new 13 month high at 0.98142 during the New York session yesterday. The pair made a new 90 day high on Friday breaking through a strong S/R level at 0.9737 and then falling back to the same level in the first 2 trading days this week. Yesterday the pair pushed higher after falling to 0.9736 and created a Bullish Engulfing candle off of support. This is an excellent confirmation that the chart will edge higher, indicating the Swiss Franc will continue losing ground against the USD. Now that such as strong level has been broker, the next likely target will be the November 28, 2010 high at 1.00650 but there are some resistance levels in the way such as the Weekly R1 & R2 at 0.98922 and 1.00038 respectively. If prices fall, it will probably take a large scale event to push prices back down below 0.9700 so watch for strong support at this level as well as 0.9462 & 0.9371. With financial conditions still worsening in the EU, I remain highly Bullish on this pair.
Happy Trading!