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USDCHF is Bullish above 9460

USDCHF is Bullish above 9460

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF is Bullish above 9460

Prepared by Jamie Saettele, CMT

The plunge below 9590 eliminated the aggressive 3rd wave interpretation from that level. Still, Friday’s decline (which may have completed wave C of a flat) reversed before the June low and nearly half the decline was retraced today. I’m looking higher towards Thursday’s high at 9678 although interim resistance comes in at 9590. Bigger picture, the June decline is viewed in a corrective light.

LEVELS: 9420 9462 9525 9590 9678 9771

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