The historical all time high was 153,84 back in Dec. 1979. So the misleading all time high announced this year at 109 provided traders the idea of a soon pullback, which, unfortunately, did not happen at all. Instead the PA shoot up. The Price is now very, very near the Aug. 1990. high at 115,7 and the price area around 116 should provide somehow resistance. Much stronger resistance is expected around 120 with trend line back in the late '70 and early '80.
The Fib confluence of HH is obvious marking the bullish trend line. The last high in July 2008 at 105.1 was breached in August 2011 but couldn't hold . The first new high since than happened in July this year and the strong bullish trend continues.
With BoJ enforcing Yen weakness and inflation, with good results, the change in policy is less likely. With very bearish USDCHF and weak Yen the swissi could go higher even beyond the 115.7 and perhaps stop at 120, but with rumors about Fed taper coming sooner the price that is in focus now is the high from August 1990 at 115.7
The Fib confluence of HH is obvious marking the bullish trend line. The last high in July 2008 at 105.1 was breached in August 2011 but couldn't hold . The first new high since than happened in July this year and the strong bullish trend continues.
With BoJ enforcing Yen weakness and inflation, with good results, the change in policy is less likely. With very bearish USDCHF and weak Yen the swissi could go higher even beyond the 115.7 and perhaps stop at 120, but with rumors about Fed taper coming sooner the price that is in focus now is the high from August 1990 at 115.7