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USD/CHF End of Day Drop into Support May Complete Decline

USD/CHF End of Day Drop into Support May Complete Decline

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_usd-chf_body_usdchf.png, USD/CHF End of Day Drop into Support May Complete Decline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: I’ve commented all week that “high volume areas to keep in mind for formation of a low are .9291 and .9217.” The former level has been reached (circled on chart above). The pattern is the exact inverse of the EURUSD (A-B-C decline with wave C as a diagonal).

FOREXTrading Strategy: Same as EURUSD and GBPUSD – this is right place for a turn…see if the market responds.

LEVELS: .9201 .9220 .9291 .9340 .9407 .9454

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

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