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USDCHF Holds Wednesday Low and Sits at Trendline

USDCHF Holds Wednesday Low and Sits at Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Holds Wednesday Low and Sits at Trendline

Prepared by Jamie Saettele, CMT

The USDCHF has finally broken its correlation with the EURUSD (at least for now). In fact, the USDCHF didn’t manage to trade below Wednesday’s low despite closing near the low, suggesting that a period of consolidation may be underway. Notice that Thursday’s high was right on the June low. This highlights the importance of 9420. Allowing for corrective action, perhaps back towards 9420 in a triangle or flat, the trend is lower towards former resistance at 9250 and the gap from May at 9184.

LEVELS: 9250 9301 9334 9387 9420 9460

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

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