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USD/CHF Drop Finds Support from 20 Day Average

USD/CHF Drop Finds Support from 20 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Drop Finds Support from 20 Day Average

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCHF has retraced slightly more than half of the advance from .9146. The 61.8% retracement is at .9264.

-The 20 day average served as support on Wednesday. The 200 day average is at .9347 and slope is flat.

-Parallel channel support as presented on Tuesday failed to hold which makes the impulsive interpretation suspect (not impossible as hourly closes do not overlap).

Trading Strategy: Flat

LEVELS: .9216 .9246 .9280 | .9370 .9396 .9431

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