EURCHF – The cross continues to maintain a consolidation mode following its corrective recovery triggered from the 1.0071 level on Aug 09’2011. However, it requires a decisive break and hold above the 1.2475 level, its Oct 19’2011 high to resume its short term uptrend. This will open the door for further strength towards the 1.2624 level, its May 20’2011 high and subsequently the 1.2746 level, its May 06’2011 high. Alternatively, support lies at the 1.2023 level, its Sept 14’2011 low with a breach of there turning focus to the 1.1900 level. Further down, support stands at the 1.1800 level, representing its psycho level. Its daily RSI is bearish and pointing lower supporting this view. All in all, having continued to trade in a range, a break either way is required to trigger a strong directional move.
