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USDCHF Rolls Over as June Resistance Holds as Support

USDCHF Rolls Over as June Resistance Holds as Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Rolls Over as June Resistance Holds as Support

Prepared by Jamie Saettele, CMT

“The narrow range of the last 2 days following the strong reaction at 9438 is suggestive of consolidation before a drop towards the 61.8% retracement of the advance from 9238 and 9/21 low at 9285-9314. 9270 and the low at 9238 are also in play of course. I’ll be looking for signs of failure near the bottom of the range, especially if on news.” Like the EURUSD, there is little reason at this point to expect a continuation of the USD strength that began in September. Look lower.

LEVELS: 9184 9238 9284 9324 9355 9398

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

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