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USDCHF 9305 Serves as Pivot

USDCHF 9305 Serves as Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF 9305 Serves as Pivot

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 Wednesday but notice that daily RSI is above 30. This is a sign of potential exhaustion. The EURUSD also failed to make a new high Wednesday (intermarket divergence). I’m not trying to pick a bottom here but I am pointing out new shorts are high risk. Exceeding 9305 would warn that the trend has changed and above 9364 would turn me bullish.

LEVELS: 9161 9184 9238 9247 9306 9381

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