Euro And Swiss Franc Technical Outlook

Swiss Franc Technical Outlook

The USDCHF nearly dropped below 1.04 this morning. Potential trendline support drawn off of the March and July lows may provide the demand needed to inspire a rally / consolidation.

BB difference has exceeded the level that was reached at the height of the early 2008 decline that saw the USDCHF plummet below 1. The implications are that the decline is stretched and that at least a retracement is due.

Euro Technical Outlook

This is truly an historic month (and year for that matter) for the EURUSD. At this point, the EURUSD has rallied over 15% for the month. The record rally in % terms for one month is about 11%, and that was in February 1973! The month is not over and the pair could come off substantially in these market conditions.

The EURUSD sliced through 1.4 (50%) and 1.45 (61.8%) like a warm knife through butter and is now putting the 200 day SMA (red line) to work. The diagonal line on the chart is the former long term support line drawn off of the February 2002 and March 2006 lows. That line crosses 1.4776 today and increases about 6 pips per day. Worthy of note is that Bollinger Band difference is higher than it was during the strongest part of the previous decline. If anything, this suggests that at least a range should take hold soon.

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