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FOREX Technical Analysis: USDCHF Rally Stalling at Former Support

FOREX Technical Analysis: USDCHF Rally Stalling at Former Support

2012-11-09 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDCHF_Rally_Stalling_at_Former_Support__body_usdchf.png, FOREX Technical Analysis: USDCHF Rally Stalling at Former Support

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. It was difficult, yet correct, to be bullish several weeks ago as the USDCHF and EURUSD diverged (new low in USDCHF not a new high in EURUSD). It’s easy to be bullish now but risky given the presence of resistance (former support from June). Even if the USDCHF is headed higher throughout November, the current level to slightly higher (Fibonacci resistance is at 9503) would be a good place for a countertrend decline to materialize.

FOREXTrading Strategy Implications: I am bullish but more so on weakness below 9400 than right here. 9295 remains the level that bulls should operate against.

LEVELS: 9342 9381 9411 9503 9538 9555

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

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