EURCHF: Trapped In A Range, Looks For A Direction.
EURCHF – EURCHF continues to look for a 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 towards the 1.2624 level, its May 20’2011 high and then the 1.2746 level, its May 06’2011 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 towards the 1.1800 level, representing its psycho level.