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USD/CHF Bleeds Lower; .9220 is Possible Support

USD/CHF Bleeds Lower; .9220 is Possible Support

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Bleeds Lower; .9220 is Possible Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The pattern is the exact inverse of the EURUSD (A-B-C decline with wave C as a diagonal). If the interpretation is correct, then the wave C diagonal (from .9533) will probably be retraced quickly. Like the EURUSD however, there is still no evidence of a near term low (although it ‘feels’ like it’s real close). Keep .9220 in mind for a low.

FOREXTrading Strategy: Same as EURUSD, longs here run the risk of a bit more pain. Watch .9220 for support if new lows are registered. GBPUSD short is the better trade in European FX.

LEVELS: .9130 .9201 .9220 .9336 .9394 .9477

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