Swiss Franc Meets Resistance (USDCHF Support)
60 Minute Bars
Prepared by Jamie Saettele
The USDCHF rally from the low is constructive and unfolding in an impulsive (5 waves) manner. I wrote yesterday that “after reaching 9274, the USDCHF has pulled pack sharply this morning thus wave iv of 3 may be underway towards the 9125/60 area (Fibonacci). Watch Elliott channel support as well.” The USDCHF has reached the estimated support zone so be on the lookout for a low. Price needs to remain above 9089 (on an hourly closing basis) for this bullish count to remain valid.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.