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USD/CHF Goes Near Term Parabolic-Watch .9780

USD/CHF Goes Near Term Parabolic-Watch .9780

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Goes Near Term Parabolic-Watch .9780

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCHF has returned to the vicinity of the May top. Momentum is increasing, so rather than looking for a reversal up here, expect weakness to prove corrective. Watch for support in the coming days from the trendline that extends off of the 6/19 and 7/3 lows and resistance from .9780.

FOREXTrading Strategy: Waiting for a reaction to re-buy…that could happen from nearby levels (keep .9780 in mind). .9640 may end up as important support…this is where the rally seems to have accelerated from on Tuesday.

LEVELS: .9642 .9666 .9710 .9781 .9838 .9971

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