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USDCHF Decline Stalls

USDCHF Decline Stalls

2012-03-21 21:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Decline Stalls

Prepared by Jamie Saettele, CMT

The USDCHF decline from the 3/15 high (9334) has stalled at the 20 day average / 2/9 low / 61.8% retracement of the rally from 8931 (9085). The inability of bears to penetrate this level combined with the fact that the month to date low occurred on the first day of the month is bullish. 9200 is short term support.

Bottom Line (next 5 days) – sideways / higher

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

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