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USDCHF Rally Fails at Important Pivot

USDCHF Rally Fails at Important Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Rally Fails at Important Pivot

Prepared by Jamie Saettele, CMT

The importance of large range day (JS Thrust) closes is on display in the USDCHF. The most recent JS Thrust day was 9/7 and the close that day was 9436. Today’s high is 9437. Weakness below 9350 would probably result in a test of the 61.8% retracement at 9314. Near term resistance is 9400 and trade above 9438 would eliminate anything bearish in the near term and shift focus to 9500/18.

LEVELS: 9238 9284 9335 9438 9483 9518

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