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USD/CHF Inside Day at Resistance is Consistent with Reversal

USD/CHF Inside Day at Resistance is Consistent with Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Inside Day at Resistance is Consistent with Reversal

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: I wrote yesterday that “the .9500 area (50% retracement at .9496 and November high at .9512) is a good place for near term exhaustion to take place. If it does, then the support line that extends off of the February lows probably comes into play later in March.” Today’s decline probably kicks off the beginning of a move back towards .9200/54 (50%-61.8% retracements). Emphasis is on .9200 which is also the October low. Former trendline resistance lines (in blue) may help in identifying the next low as well. .9392 and .9338/50 are interim supports.

FOREXTrading Strategy: Flat (trading in EURUSD)

LEVELS: .9254 .9338 .9392 .9454 .9489 .9512

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