After spending the better part of the last two days stuck in a downward spiral, technical indicators are now showing that the Swiss franc is poised to turn bullish against its Japanese counterpart.
As we can see in the chart below, the Williams Percent Range and Relative Strength Index are already in oversold territory, indicating a bullish correction is imminent. The Stochastic Slow has yet to form a bullish cross, but appears to be heading in that direction. When it does, traders can expect the correction to take the pair toward 86.75 level.
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Dan Eduard is a Market Strategist with ForexYard. His addition to the ForexYard team has brought a unique new perspective to our clients. Dan's ability to compare and contrast trans-national issues with events in the market is uncanny and many clients so far have used his advice to make leaps and bounds in their trading strategies. He has been published on the ForexYard Trading Blog and affiliate websites. He carries a BA in Political Science and an MA in History.
