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Swiss Franc January High (USDCHF Low) in Jeopardy

Swiss Franc January High (USDCHF Low) in Jeopardy

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc January High (USDCHF Low) in Jeopardy

Prepared by Jamie Saettele, CMT

The USDCHF has continued to drop but I am abandoning the bearish bias for several reasons. Price remains above the early month low of 9304 (statistically significant), price channels in a corrective manner from the top (view on an intraday chart), and bears must still contend with the trendline that extends off of the 11/30 and January lows.

Bottom Line – flat

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.