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Charts Predict: The Best Currency for 2009

CNBC.com
Wednesday, 24 Dec 2008 | 5:19 AM ET

The Swiss franc is likely to shine over the next two years as other currencies are set to weaken, Christopher Locke, technical analyst at Oystertrade.com Management told CNBC.

Swiss Franc to Rise in '09
"We've seen some rather interesting developments on the Swiss franc against major currencies over the past 2 weeks," Christopher Locke from Oystertrade.com Management told CNBC. "The Swiss franc becomes at this point of time my play for the strongest currency through 2009-2010."

"I'm generally looking for global currency depreciation through 2009 into 2010," Locke said.

"I do not like the US dollar … and we've seen some rather interesting developments on the Swiss franc against major currencies over the past 2 weeks," Locke said.

"The Swiss franc becomes at this point of time my play for the strongest currency through 2009-2010 probably against most major currencies," he added.

The Swiss franc's level of 1.45 against the euro is likely to be seriously tested and after it is broken the currency may rise to around 1.20-1.25 to the euro, Locke said.

The dollar slipped against the yen and a basket of currencies in thin trade on Wednesday while the euro was little changed, after European Central Bank President Jean-Claude Trichet on Tuesday gave few clues about the path of future monetary policy.

Contact Europe: Economy

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