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USDCHF 9070 Test Can’t Be Ruled Out

USDCHF 9070 Test Can’t Be Ruled Out

2012-03-12 20:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF 9070 Test Can’t Be Ruled Out

Prepared by Jamie Saettele, CMT

The USDCHF is the exact opposite of the EURUSD. The upside is favored but near term pattern is not especially clear. Support is 9155 and 9125 and bulls are favored against the March 1 low. Upside levels of interest are the 2/16 high at 9300, 100% extension of the 8931-9201rally at 9341, and 1/13 low at 9406. A break of the upward sloping channel would indicate that the advance from 8931 is probably impulsive and shift focus to the January high.

Bottom Line (next 5 days) - higher

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