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USD/CHF Monday Low Serves as Near Term Pivot

USD/CHF Monday Low Serves as Near Term Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Monday Low Serves as Near Term Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0New to FX?Know Your Trader IQ

FOREXAnalysis: The USDCHF has struggled in recent days to clear the trendline that extends off of the November and January highs. Reinforced by the March 2012 high, a ‘break’ would still face resistance from the 1/18 high and 38.2% retracement of the decline from the 2012 high.

FOREXTrading Strategy: Action in recent days (inside day, outside day, inside day) is consistent with a turn. Move from bullish to flat.

LEVELS: 9184 9230 9285 9331 9388 9512

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

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