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USDCHF Tight Range Consistent with Correction

USDCHF Tight Range Consistent with Correction

2012-09-19 21:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Tight Range Consistent with Correction

Prepared by Jamie Saettele, CMT

“The USDCHF has responded to the April pivot of 9251. Still, treat strength as corrective until evidence is sufficient to warrant a bullish bias. Resistance is expected between 9302 and 9341 with 9312 of particular interest. The next bearish level of interest is the gap from May at 9184. The downside is favored as long as price is below 9420.” The bounce from the low is pathetic and suggests that the bulk of this correction will occur on the x axis (time) rather than the y axis (price).

LEVELS: 9132 9184 9238 9307 9341 9378

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