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USDCHF Rally Reverses after Test of 9/13 Low

USDCHF Rally Reverses after Test of 9/13 Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Rally Reverses after Test of 9/13 Low

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 USDCHF popped today and actually exceeded 9341 but reversed at 9355. Aside from being close to the 9/13 low, the level is defended by the underside of former trendline support.

LEVELS: 9184 9232 9307 9355 9378 9420

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