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USDCHF Nears Confluence of Trendline and Channel

USDCHF Nears Confluence of Trendline and Channel

2012-05-15 22:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Nears Confluence of Trendline and Channel

Prepared by Jamie Saettele, CMT

9405 did nothing to stem the USDCHF advance and focus remains on “the next channel resistance, which crosses roughly 9460/70 over the next few days.” The upside is still favored against Monday’s low (9294) and support is now 9405 and 9370. Like the EURUSD, AUDUSD, and NZDUSD, a larger correction will occur but probably from slightly higher (USD +) levels.

LEVELS: 9595 9460 9405 9370 9305

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