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USDCHF Rips Through Base Channel

USDCHF Rips Through Base Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Rips Through Base Channel

Prepared by Jamie Saettele, CMT

The USDCHF ripped through its March high (9334) and short term base channel today. The latter development shifts focus to the next channel resistance, which crosses roughly 9460/70 over the next few days. Former support at 9406 is interim resistance. Favor the upside against Monday’s low (9294) towards 9450/60. 9325/40 is support. A drop below 9294 would give scope to a drop into 9250 and maybe 9185 (gap).

LEVELS: 9595 9460 9405 9325/40 9325/40 9305 9250 9185

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