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FOREX Technical Analysis: USD/CHF 9394 is Near Term Fibonacci Support

FOREX Technical Analysis: USD/CHF 9394 is Near Term Fibonacci Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, FOREX Technical Analysis: USD/CHF 9394 is Near Term Fibonacci Support

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The USDCHF rally probably commences a corrective advance towards 9400. The implications from price action since the September low are the exact same as that of the EURUSD (flipped of course).” Weakness from Friday’s high probably composes a b wave. Estimated support from Fibonacci comes in at 9294.

FOREXTrading Strategy: One may wish to turn bullish again on weakness below 9300, considering the SNB rate decision on Thursday.

LEVELS: 9213 9240 9294 9382 9408 9441

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

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