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USDCHF Holds Support From Friday Low

USDCHF Holds Support From Friday Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Holds Support From Friday Low

Prepared by Jamie Saettele, CMT

“Trade above 9438 would eliminate anything bearish in the near term and shift focus to 9500/18.” It’s instructive that the USDCHF hourly bar on the London close was a JS Thrust (large range) and failed right at the 9/28 and 9/25 lows. The 3 wave decline from 9437 and failure at the level raises the specter that a secondary low is in place and that the USDCHF is headed for the well-defined 9500/20.

LEVELS: 9284 9314 9347 9392 9438 9383

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