EUR-CHF: Likely to Rise in Coming Week
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (
) -- The outlook on the euro-Swiss franc cross currency pair (EUR-CHF) is to the upside in the near term after the pair reversed three weeks of losses to close this past week at 1.2332.
The pair is expected to make further gains in the new week with the next resistance level at 1.2468, its March 24 high.
Further out, resistance comes in at the 1.2646 level, EUR-CHF's May 20 high.
The euro-Swiss franc's weekly relative strength index is bullish and pointing higher, suggesting further gains.
Alternatively, the cross will have to return to less than 1.1805 to annul its present bullish offensive and bring further weakness toward 1.1700 and 1.1600, all representing psychological levels.
All in all, with the cross recovering strongly higher the past week, further gains are expected in the new week.
-- Written by Mohammed Isah
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Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces
for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.
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