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USDCHF Reward to Risk Quickly Shifting Towards Bulls

USDCHF Reward to Risk Quickly Shifting Towards Bulls

2012-10-17 23:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Reward to Risk Quickly Shifting Towards Bulls

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…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.” The USDCHF registered new lows today but notice that daily RSI is above 30. This is a sign of potential exhaustion. The EURUSD also failed to make a new high today (intermarket divergence). I’m not trying to pick a bottom here but I am pointing out new shorts are high risk. Exceeding 9364 is needed for me to turn bullish.

LEVELS: 9161 9184 9238 9247 9306 9381

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