NEW YORK ( TheStreet) -- Bear pressure may have temporarily stopped the cross from continuing its bullish recovery but as long as EUR/CHF remains above the 1.2930/52 levels, our bias remains higher nearer term.

However, a break and close above the 1.2974 level, its Jan. 21, 2011 high, must occur to trigger its nearer term uptrend toward the 1.3203 level, its Dec. 12, 2010 high, and subsequently the 1.3388 level, its Nov. 25, 2010 high.

Conversely, on a continued corrective pullback from its current price levels, its broken resistance at the 1.2930 level should come in as the next support. We expect a reversal of roles at that level to turn it back up again. Further down, support lies at its Jan. 6, 2011 high at 1.2724 followed by the 1.2402 level printed on Dec. 30, 2010.

All in all, with a climb back above the 1.2930 level seen, further recovery strength is envisaged despite its present price hesitation.
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 The Professional Suite 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.