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USDCHF Confined to Channel – 9366 is the New Pivot

USDCHF Confined to Channel – 9366 is the New Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Confined to Channel – 9366 is the New Pivot

Prepared by Jamie Saettele, CMT

The USDCHF has so far respected channel resistance (and the 9500 figure). Still, near term structure (3 wave drop for example from the top) is constructive against 9367 towards the January high at 9594. Like the EURUSD, AUDUSD, and NZDUSD, a larger correction will occur but probably from slightly higher (USD +) levels.

LEVELS: 9595 9500 9366 9334 9306 9271

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