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FOREX Technical Analysis: USD/CHF Finishes Day at Resistance

FOREX Technical Analysis: USD/CHF Finishes Day at Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, FOREX Technical Analysis: USD/CHF Finishes Day at Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDCHF bearish break in early December remains valid as long as price is below 9382. In fact, the former support line extended off of the February and October lows served as resistance last week. Structurally, the advance from December’s low may compose a flat. Confidence is low in the downside due to the 3 wave decline from Friday’s high but a drop to 9281 or even 9114 isn’t out of the question as long as Friday’s high is intact.

FOREXTrading Strategy: I wrote yesterday that “shorts are warranted on strength into 9245”. Price is trading at 9240 as I type but the clean 3 wave decline suggests that shorts are dangerous.

LEVELS: 9114 9181 9199 9245 9303 9346

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

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