FX.co ★ EUR/CHF Bullish Outlook, May 18, 2011 (Daily Strategy)

EUR/CHF

The long wave of price drops that brought the pair to its low point and the strong support level of 1.2490 is now showing signs of tiring with a clear option for a change in direction and a move to rising exchange rates. In fact, the strong weekly support level of 1.2490 has already succeeded in defeating the pair the last two times they met and the expectation is that it could do this once again.

Expect the price of the pair reaches the weekly resistance level around 1.2810 as our ultimate goal.