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 (
) -- EUR-CHF continues to look for direction as it trades within its established trading range between the 1.2122 and 1.2475 levels. It requires a break either way to trigger meaningful directional moves. This will leave the 1.2475 level, its Oct. 19, 2011 high as the next upside target with a violation of there bringing the cross out of its range and resuming its medium term uptrend. This will open the door for further strength toward the 1.2624 level, its May 20, 2011 high and then the 1.2746 level, its May 6, 2011 high. Alternatively, support lies at the 1.2122 level, its range bottom followed by the 1.2023 level, its Sept. 14, 2011 low. Further down, support comes in at 1.1900 level with a violation of there allowing for further weakness toward the 1.1800 level, representing its psychological level. All in all, having continued to trade in a range, a break either way is required to trigger strong directional moves.
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.