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FOREX Technical Analysis: USD/CHF Trendline above 9300 on Friday

FOREX Technical Analysis: USD/CHF Trendline above 9300 on Friday

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, FOREX Technical Analysis: USD/CHF Trendline above 9300 on Friday

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: USDCHF strength to begin the year is intense to say the least. Still, expect a reaction slightly above 9300, which was support before the latest breakdown and is reinforced by trendline resistance tomorrow. Bigger picture, the USDCHF will form a weekly JS Thrust (assuming that this week’s rally isn’t completely retraced tomorrow) just 3 weeks after a weekly JS Thrust to the downside. The implications are similar to that of a traditional island reversal. In other words, an important low may be forming.

FOREXTrading Strategy: Looking to turn bearish above 9300 even if for just a partial retracement of the advance from 9083.

LEVELS: 9180 9210 9240 9314 9382 9422

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

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