FOREX Technical Analysis: USDCHF Reverses Intraday
Chart Prepared by Jamie Saettele, CMT
FOREXObservations: The EURUSD decline from Wednesday’s high reversed during European hours at former resistance (10/29 and 10/22 highs). Price is still holding the 61.8% retracement of the decline from 9437. “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.” Price has been in a trading range since the September low and it’s impossible to know if an important low is in place or if the action is simply a correction before another low is registered. Focus on the near term.
FOREXTrading Strategy Implications: Thursday action is consistent with an up Friday, especially with the low for the wee on Monday.
LEVELS: 9222 9290 9333 9380 9437 9483