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FOREX Technical Analysis: USDCHF Responds to Fibonacci Resistance

FOREX Technical Analysis: USDCHF Responds to Fibonacci Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, FOREX Technical Analysis: USDCHF Responds to Fibonacci Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The USDCHF traded above short term Fibonacci resistance Wednesday before reversing and closing near daily lows. The case can be made for impulsive or corrective interpretation of the rally from 9213…so no help there. Taking into account the fact that the October high occurred on day 1 of the month, outcomes to consider from the September low are for completion of a triangle and thrust to a new low and/or an ending diagonal from 9437. In both cases, price heads to new lows while remaining below 9437.

FOREXTrading Strategy Implications: Market risk is lower against 9437

LEVELS: 9184 9221 9289 9380 9437 9483

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

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