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USDCHF Drops into Short Term Channel Support

USDCHF Drops into Short Term Channel Support

2012-07-16 22:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Drops into Short Term Channel Support

Prepared by Jamie Saettele, CMT

The USDCHF decline off of the high has so far taken the form of a textbook 3 wave correction. The decline consists of 2 equal legs and channels perfectly. The combination of RSI stalling ahead of 30 on the hourly and above 40 on the 240 minute chart are characteristic of bull markets too. Lest we forget that the June low was 9771 as well. I am looking higher against 9735. A drop below that level would encounter support at 9680-9715.

LEVELS: 9680 9715 9767 9810 9840 9873

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