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FOREX Technical Analysis: USD/CHF Prior Week Low at 9380 in Sight

FOREX Technical Analysis: USD/CHF Prior Week Low at 9380 in Sight

2012-11-16 01:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDCHF_Prior_Week_Low_at_9380_in_Sight_body_usdchf.png, FOREX Technical Analysis: USD/CHF Prior Week Low at 9380 in Sight

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. Price is likely to extend lower in the near term while below 9463. The 100% extension of the decline from 9512 comes in at 9373 (in line with last week’s low at 9380) and the 161.8% comes in at 9318 (not far from the 61.8% retracement at 9328). Trendline support is at 9350 Friday.

FOREXTrading Strategy: The larger trend is up against 9294 and those looking to buy dips should have the opportunity to do so in the next several days. The first area to expect support is 9373/80. Given that we are coming off of a larger bottom however, do not be surprised to see a probe of 9318/28. If the larger trend is up, then as much doubt needs to be cast as possible in order for the next leg up to be powerful

LEVELS: 9363 9380 9398 9442 9473 9512

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