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USD/CHF Exceeds .9080; Rally Contained by Channel So Far

USD/CHF Exceeds .9080; Rally Contained by Channel So Far

2013-10-09 20:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Exceeds .9080; Rally Contained by Channel So Far

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The line that extends off of the 2012 and February lows was broken last week. Price is back above this line now.

-The rally from the low (.8967) is contained by a corrective channel and the advance consists of 2 equal legs (equality would be .9129). The 9/25 high at .9137 is also nearby resistance.

Trading Strategy: If the market has turned then .9065/80 should hold on a pullback.

LEVELS: .9018 .9065 .9080 | .9137 .9175 .9214

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

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