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USD/CHF Breaks Through Near Term Corrective Channel

USD/CHF Breaks Through Near Term Corrective Channel

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Breaks Through Near Term Corrective Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCHF has exceeded the upward sloping corrective channel.

-Exceeding .9396 would break the series of lower highs.

-Weakness would probably prove corrective. Estimated support is .9335-.9288.

Trading Strategy: Need to see if market takes out .9396 or pulls back into support before commitments are made.

LEVELS: .9245 .9288 .9320/35 | .9396 .9477 .9519

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