FOREX Technical Analysis: USD/CHF Responds to Fibonacci Retracement above 9500
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: Opening range implications are bullish USD/CHF with the high occurring on day 1 of the month. Monday’s inside day was broken to the upside but the advance was rejected by the 38.2% retracement and the close near the day’s low reveals a lack of buying pressure at the current level.
FOREXTrading Strategy: The inside day break is no longer valid since price also took out Monday’s low (therefore making an outside day Tuesday). The rejection at the 38.2% retracement suggests that we respect potential for a deeper setback into former resistance levels at 9437 and 9386. The CAD/CHF is also pair to consider.
LEVELS: 9386 9404 9437 9512 9538 9593
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.