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FOREX Technical Analysis: USDCHF 95 of Interest on Print above 9456

FOREX Technical Analysis: USDCHF 95 of Interest on Print above 9456

2012-11-07 01:37:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDCHF_95_of_Interest_on_Print_above_9456_body_usdchf.png, FOREX Technical Analysis: USDCHF 95 of Interest on Print above 9456

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The low for the month thus far is day 1 of the month and the USDCHF has traded into channel resistance and the 100% extension of the 9214-9386 rally and 13139-12882 declines. The drop from the Tuesday high is overlapping at small degrees of trend and suggests that weakness is corrective.

FOREXTrading Strategy Implications: The drop from Tuesday’s high, while corrective, could be the beginning of something that extends into 9342/86. That said, risk is higher against 9295. I would go with strength on a pop above 9456 as well. In summary, risk is higher but I would rather buy slightly lower levels or a new high.

LEVELS: 9313 9342 9386 9456 9503 9538

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