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USDCHF Fibonacci Confluence Near 9900

USDCHF Fibonacci Confluence Near 9900

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Fibonacci Confluence Near 9900

Prepared by Jamie Saettele, CMT

“Friday’s decline (which may have completed wave C of a flat) reversed before the June low, which keeps me looking higher towards Thursday’s high at 9678.” Today’s action reinforces the bullish call and also offers up some objectives. The November 2009 (and all of 2009) low at 9918 is joined by the 161.8% extension of 9420-9678 / 9463 at 9880. The 61.8% extension of waves i-iii comes in at 9896. In other words, the 9900 area is one of interest. 9650 is now support and risk on longs can be moved up to 9585.

LEVELS: 9585 9610 9650 9720 9770 9900

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