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FOREX Technical Analysis: USD/CHF Tests Friday’s Low as Support

FOREX Technical Analysis: USD/CHF Tests Friday’s Low as Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDCHF_Tests_Fridays_Low_as_Support__body_usdchf.png, FOREX Technical Analysis: USD/CHF Tests Friday’s Low as Support

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Monthly opening range implications are bullish USD/CHF with the low occurring on day 1 of the month. Today’s decline reversed after testing Friday’s low (9428). The structure of the decline from 9512 isn’t particularly clean from a structural standpoint.

FOREXTrading Strategy: The larger trend is up against 9294 but reward/risk isn’t favorable at this point. A drop into 9385 would warrant action on the long side. 9473 is potential resistance before the high. Strength above 9512 would open up the 50% retracement at 9593.

LEVELS: 9386 9404 9428 9473 9512 9593

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

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