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USDCHF 9715 is Expected Support

USDCHF 9715 is Expected Support

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF 9715 is Expected Support

Prepared by Jamie Saettele, CMT

The USDCHF decline from 9872 is corrective, specifically a 4th wave decline. 4th waves are often choppy, sideways affairs that take the form of a triangle or flat. The action since the low certainly fits the description. It’s possible that a low is already in place at 9750 but any additional weakness should be capped by 9714/36 (if indeed the 4th wave interpretation is correct). The initial stop is below 9650. Reward/risk considerations would warrant action on a move below 9750.

LEVELS: 9680 9715 9750 9810 9850 9873

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