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USDCHF 9376 is Resistance if Reached

USDCHF 9376 is Resistance if Reached

2012-10-08 22:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF 9376 is Resistance if Reached

Prepared by Jamie Saettele, CMT

The USDCHF has retraced half of the decline from 9437 and any additional strength would face resistance at the 61.8% level of 9376. The USDCHF has entered a long term high risk zone for bears but the near term trend is bearish as long as price is below 9437. The momentum profile remains bearish as per the RSI reversal signal on 10/1. If the decline materializes, then I’ll be on the lookout for signs of exhaustion below 9237, specifically in the 9008/42 zone.

LEVELS: 9238 9275 9294 9357 9376 9398

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