FX.co ★ EUR/CHF Bullish Above 116,00 July 14, 2011 (Daily Strategy)

EUR/CHF

After a prolonged downward sequence, the euro-franc pair was stabilized around the bottom of 1.1525 (Weekly Support) entered into a stalemate with the price range of about 850 points. The sharp downward sequence of the last ten days led the pair to the low of the range of stagnation around the 1.1490 levels, resulting in the last weekly support.

Therefore, according fibonacci indicator, Euro-Swiss franc could resume its upward sequence it had on the previous day, only if the price remains above weekly support around the 1.1600 , for a long position. With A goal of take profit around the 1.2000 level.