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USD/CHF Bouncing Along Confluence of Channels

USD/CHF Bouncing Along Confluence of Channels

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Bouncing Along Confluence of Channels

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCHF is bouncing along the top side of the former neckline, and Elliott channel supports (topside of the corrective channel and 4th wave channel). Like the EURUSD, it’s possible that the recent violent swings compose a triangle but the important level for bigger picture bulls is the 5/14 breakout day low at .9520. 2 equal legs from the high would be .9541. In other words, the USDCHF is sitting on support but could slip to .9540…below .9520 (daily close) would suggest that the larger bullish breakout has failed.

FOREXTrading Strategy: Long, stop at .9575, if taken out then look for a low at .9520/40.

LEVELS: .9475 .9520/40 .9577 .9690 .9780 .9838

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

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