Swiss Franc Next Long Term Level is 9300-9400
Prepared by Jamie Saettele, CMT
The USDCHF is nearing the high from earlier this month. A pop above 8928 would compose 5 waves up from the August low. In the event of a new high, focus would shift to the i-iii line, which is in the mid 90s. 8754 serves as the pivot (below there is bearish). A look at the weekly reveals parallel channel resistance intersecting with the 50% retracement and former pivots at 9300-9400 in late October-early November.
Trend Strength (M,W,D) – (3), 1, 1
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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.