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USD/CHF Estimated Resistance is .9380

USD/CHF Estimated Resistance is .9380

2013-04-17 22:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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WeeklyCandles

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Estimated Resistance is .9380

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCHF reversed sharply off of the 61.8% retracement of the rally from .9021. The level also marks the October 2012 low. I wrote Wednesday that “this is a good place for a bounce but the larger trend is now considered down against Monday’s high of .9326.” .9326 was taken out. The sharp nature of the rally is worrisome but let the dust settle and see if price reacts at .9380 before abandoning a bigger bearish outlook. I’ve posted a longer term weekly chart to convey to illustrate the point that one should keep an open mind regarding the next major move.

FOREXTrading Strategy: Trailed out of shorts from 4/4 at .9330. Resistance is estimated at .9379.

LEVELS: .9205 .9260 .9300 .9339 .9379 .9428

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