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FOREX Technical Analysis: USDCHF Pressing against 9380 Resistance

FOREX Technical Analysis: USDCHF Pressing against 9380 Resistance

2012-10-29 20:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, FOREX Technical Analysis: USDCHF Pressing against 9380 Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: Price is testing 9380 resistance once again. “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: Respect potential for a dip from current levels as long as price is below 9437. 9290 is support.

LEVELS: 9222 9290 9333 9380 9437 9483

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