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FOREX Technical Analysis: USDCHF Rally Inching Towards Big 9500 Level

FOREX Technical Analysis: USDCHF Rally Inching Towards Big 9500 Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDCHF_Rally_Inching_Towards_Big_9500_Level_body_usdchf.png, FOREX Technical Analysis: USDCHF Rally Inching Towards Big 9500 Level

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: Opening range implications are bullish USDCHF with the low occurring on day 1 of the month. The advance is stalling ahead of former support/Fibonacci resistance just above 9500. Today’s inside day presents an opportunity to play the next move. A downside break initially exposes 9428 and an upside break 9538 (8/23 low).

FOREXTrading Strategy Implications: I had been looking for a more pronounced dip and a test of 9428 or even former resistance at 9386. This may still happen but one should respect the upside if Friday’s high fails to hold. Trade above 9498 would warrant longs towards 9538 and 9593 (50% retracement) with a stop below the Monday low. Trade below Monday’s low would suggest that the drop into 9428 and perhaps 9386 is underway. In summary, I’m using Friday’s high and Monday’s low as triggers for the next move.

LEVELS: 9342 9386 9428 9503 9538 9593

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

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