Swiss Franc Support (USDCHF Resistance) at 8700-8750
240 Minute Bars
Prepared by Jamie Saettele, CMT
The USDCHF has broken below parallel channel support and the 100% extension of the decline from 8945, which suggests a test of the low (8552) before a larger reversal. Former support is now resistance at 8700 and 8750.
Support/Resistance Index (M,W,D) – 0, 0, (2)
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to firstname.lastname@example.org.
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