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FOREX Technical Analysis: USD/CHF Current Level is Final Level Before Low

FOREX Technical Analysis: USD/CHF Current Level is Final Level Before Low

2012-11-27 02:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDCHF_Current_Level_is_Final_Level_Before_Low_body_usdchf.png, FOREX Technical Analysis: USD/CHF Current Level is Final Level Before Low

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDCHF is at the final defined level (10/5 and 10/31 lows) before the October low. In other words, if price doesn’t hold here, then there is nothing to stop a test of the October low. Not surprisingly, near term pattern is suggestive a few more legs lower in stair step fashion (small 4th and 5th waves) before we see potential for a material bounce. Strength above 9337 would create overlap and suggest that a low is in place.

FOREXTrading Strategy: Look lower as long as price is below 9337. Once again, divergence between the USDCHF and EURUSD (new USDCHF low and NOT a new EURUSD high) may mark the turn. This occurred at the October turn.

LEVELS: 9184 9213 9265 9300 9337 9392

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

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