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USDCHF Reverses at Channel Confluence

USDCHF Reverses at Channel Confluence

2012-06-11 22:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Reverses at Channel Confluence

Prepared by Jamie Saettele, CMT

“Don’t dismiss potential for a run at channel support and the 5/18 high at 9470/9500. One strategy is to scale into longs on a test of 9500.” The USDCHF low Sunday night was 9475 and price is now over 150 pips from the low. The confluence of 4th wave Elliott channel support and top side of former base channel held like a rock. 9590 is initial support and the first level that may produce a reaction as resistance is 9660 (Friday high). The RSI reversal signal is bullish.

LEVELS: 9520 9555 9587 9660 9710 9770

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