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USD/CHF at Trendline Confluence; Looking for a Low

USD/CHF at Trendline Confluence; Looking for a Low

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF at Trendline Confluence; Looking for a Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCHF has held .9400, a well-defined area from the 6/3 low, 6/10 high, 6/25 high, and 6/27 low. Continue to keep .9367 (61.8%) and .9291 (large volume area) in mind but it’s a good sign that .9400 has held. The level is also defined by a former trendline (now an internal line). The original line that defines the rally from the June low is slightly below .9400.

FOREXTrading Strategy: We are in the right area to look for a low. Like the EURUSD, I prefer to see what happens Friday…we’ll either get a better (lower) level next week or have a setup with tighter risk at a higher level.

LEVELS: .9290 .9367 .9400 .9534 .9595 .9625

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