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FOREX Technical Analysis: USDCHF Responds to 100% Extension

FOREX Technical Analysis: USDCHF Responds to 100% Extension

2012-11-08 01:07:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDCHF_Responds_to_100_Extension_body_usdchf.png, FOREX Technical Analysis: USDCHF Responds to 100% Extension

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. The rally from the 10/17 high can be counted as an impulse.

FOREXTrading Strategy Implications: Risk remains higher but today’s large range day could be exhaustive or at least the beginning of an exhaustive sequence. Expect a response at the 38.2% retracement of 9503 if reached.

LEVELS: 9342 9381 9411 9503 9538 9555

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