Swiss franc shows significant recovery

By Julian Yosovitch

August 28, 2014 • Reprints

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The Swiss franc (USDCHF) has shown a significant recovery in recent months and now the currency is moving along the 38.2% Fibonacci of the entire bear market started at 1.00 francs in July 2012.

With a break above 0.92 francs will enable new rallies toward the top of the short-term bullish channel targeting the level 0.925-0.930, or even more ambitious areas around 0.945 to 0.95 ndaer the 61.8% fibonacci of the entire bear-market that started in 2012.

If the market fails to exceed 0.92 francs, we see that USD/CHF will find support at 0.91 to 0.905 along the bottom of the bullish channel or potentially 0.895-0.890 area by the 61.8% Fibonacci of the entire rally started in May 2014--and where the uptrend  should be finally resumed as projected.

Let´s take a look: