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USD/CHF Trendline Crosses Former Low at .9065 on Friday

By , Sr. Technical Strategist
30 October 2013 22:11 GMT

Daily

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Trendline Crosses Former Low at .9065 on Friday

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-After trading into late August lows, the USDCHF reversed sharply and made an outside week 2 weeks ago. Last week’s decline triggered follow through and is bearish.

-Price has dipped below the 2012 low and recovered. There is an uncovered close from November 2011 at .8847.

-Price has reached former support at .9000, which is now estimated resistance. The 10/14 low at .9063 is also possible resistance. This level is in line with the line that extends off of the Sep and Oct highs on Thursday.

Trading Strategy: Flat

LEVELS: .8840/50 .8922 .8950 | .9004 .9063 .9097

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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30 October 2013 22:11 GMT