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USDCHF Probes Lowest Close Since May

USDCHF Probes Lowest Close Since May

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Probes Lowest Close Since May

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. The market response at the top of the range suggests it’s wise to look lower rather than higher.” The USDCHF is nearing its lowest level since May and weakness below 9238 exposes the gap left open from the May 7th open at 9184. The 138.2% and 161.8% extensions are also in play at 9161 and 9114. The closer that price gets to these levels, the higher the risk is for bears however. 9285 is resistance.

LEVELS: 9161 9184 9238 9286 9310 9344

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