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FOREX Technical Analysis: USD/CHF Continues to Probe 9250 and Bounce

FOREX Technical Analysis: USD/CHF Continues to Probe 9250 and Bounce

2012-11-30 00:37:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDCHF_Continues_to_Probe_9250_and_Bounce_body_usdchf.png, FOREX Technical Analysis: USD/CHF Continues to Probe 9250 and Bounce

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDCHF has been unable to extend through 9250 after several attempts this week. The market has made it quite clear that this is an important level (10/5 and 10/31 lows).. Will price reverse and head higher from here? I don’t know. One never knows with certainty what the next move will be but specific conditions are consistent with turns. Failure to extend gains below 9250 throughout the week is not bearish. Intraday JS Spikes suggest that price is bottoming.

FOREXTrading Strategy: I prefer to trade from the long side but near term pattern lacks clarity for a bullish entry. In other words, it’s unclear if the market has bottomed or is in the process of registering a low at lower levels.

LEVELS: 9184 9213 9249 9350 9412 9473

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