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FOREX Technical Analysis: USD/CHF Plunges but Holds Support

FOREX Technical Analysis: USD/CHF Plunges but Holds Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, FOREX Technical Analysis: USD/CHF Plunges but Holds Support

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.” I wrote yesterday that “a drop to 9181 or even 9114 isn’t out of the question as long as Friday’s high is intact.” The low so far is 9120. Trend must be considered sideways for now but a drop below 9082 would shift focus to 9018 and 8930. Near term resistance is 9185.

FOREXTrading Strategy: Flat.

LEVELS: 9018 9077 9114 9185 9230 9266

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