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Forex Technical Analysis: USDCHF Resistance at 9380

Forex Technical Analysis: USDCHF Resistance at 9380

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Forex Technical Analysis: USDCHF Resistance at 9380

Chart Prepared by Jamie Saettele, CMT

Forex Observations: “The USDCHF registered new lows last Wednesday daily RSI never pierced 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.”

Forex Trading Strategy Implications: Allowing for corrective weakness, market risk is higher towards 9380

LEVELS: 9184 9221 9289 9380 9437 9483

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