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FOREX Technical Analysis: USD/CHF Responds to Support Cluster

FOREX Technical Analysis: USD/CHF Responds to Support Cluster

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, FOREX Technical Analysis: USD/CHF Responds to Support Cluster

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “If a larger USDCHF low is in place, then the 50%-61.8% retracements of the latest advance should hold at 9199-9235 should hold. The 50% level is of particular interest; reinforced by the 1/14 high (9229) and 20 day average.” 9229 was tested Friday (low was 9221). Look higher as long as price is above 9100.

FOREXTrading Strategy: Long against 9100.

LEVELS: 9178 9200 9221 9305 9343 9388

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

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