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FOREX Technical Analysis: USD/CHF Probes Channel and Fibonacci Extension

FOREX Technical Analysis: USD/CHF Probes Channel and Fibonacci Extension

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, FOREX Technical Analysis: USD/CHF Probes Channel and Fibonacci Extension

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Like the EURUSD, the near term move is probably extended but expect former support to provide resistance at 9214/41. The series of higher lows from February-April are of interest of course at 9042, 9001, and 8930. The former level is also defined by the 61.8% extension of the 9971-9213 decline. Price is at the 50% extension of the same move.

FOREXTrading Strategy: No change-the presence of channel support and the 50% extension of the move from the 2011 low makes this a good place for something countertrend to get underway.

LEVELS: 9001 9042 9134 9214 9241 9275

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

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