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USD/CHF Holding Up at Trendline Confuence

USD/CHF Holding Up at Trendline Confuence

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Holding Up at Trendline Confuence

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).

FOREXTrading Strategy: We are in the right area to look for a low but near term pattern is sloppy. It’s important to wait for near term pattern to clear up.

LEVELS: .9290 .9367 .9430 .9534 .9595 .9625

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