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USD/CHF Follows Through on Reversal From Fibonacci Level

USD/CHF Follows Through on Reversal From Fibonacci Level

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Follows Through on Reversal From Fibonacci Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCHF turned higher on Wednesday from the 61.8% retracement of the rally from .9129. Today’s follow through day increases confidence that a low of importance is in place (as does the divergence that is in place with EURUSD as long as the EURUSD is below 1.3205). Estimated support is .9409 and .9383.

FOREXTrading Strategy: Moving order to go long up to .9411 (was .9383 yesterday). Order to go long at .9411, stop .9350. If stopped out then I’ll be looking for a low near .9290 or .9220.

LEVELS: .9291 .9357 .9409 .9460 .9498 .9533

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