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USDCHF 9380 is Resistance for Friday

USDCHF 9380 is Resistance for Friday

2012-10-11 22:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF 9380 is Resistance for Friday

Prepared by Jamie Saettele, CMT

USDCHF failure in front of the October 1 high at 9438 and trendline resistance keeps the market in a range. 9335/57 is potential near term support although a continuation of the range that began in mid-September would result in a return to 9238. Exceeding 9438 wouldn’t necessarily change the long term trend but would shift focus to 9500/20.” The USDCHF dropped to 9336 Thursday (61.8% retracement). Price may consolidate around this level but the market response at the top of the range suggests it’s wise to look lower rather than higher.

LEVELS: 9238 9275 9336 9380 9438 9501

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