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FOREX Technical Analysis: USDCHF Reverses Intraday

FOREX Technical Analysis: USDCHF Reverses Intraday

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, 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

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