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