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USDCHF Former Trendline Resistance is Now Support

USDCHF Former Trendline Resistance is Now Support

2012-03-19 20:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Former Trendline Resistance is Now Support

Prepared by Jamie Saettele, CMT

Immediate focus for the USDCHF is 9080, which is defined by the 3/8 low and former support line. Resistance for Tuesday is 9150 but the specter of 5 waves down from 9335 demands that we respect the potential for a deeper corrective advance into 9180/9200 before resumption of the bear trend.

Bottom Line (next 5 days) – sideways / lower?

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