FOREX Technical Analysis: USD/CHF Responds to Fibonacci Level at 9400
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: Monthly opening range implications are bullish USDCHF with the low occurring on day 1 of the month. The Monday decline traded into Fibonacci support (38.2% of rally from October low) before reversing sharply following news of the French downgrade.
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.” The USDCHF traded to 9394 in what may be the low. Strength above 9456 would confirm as much although 9473/91 is still potential resistance.
LEVELS: 9328 9363 9380 9442 9473 9512
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