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USD/CHF Resistance is Bolstered by ‘No Taper’ Price Level

USD/CHF Resistance is Bolstered by ‘No Taper’ Price Level

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Resistance is Bolstered by ‘No Taper’ Price Level

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. The close of the ‘no taper’ hour (2-3 eastern) on 9/18 seems to exert force on the market as well. The level was resistance on 9/24 and 9/25.

Trading Strategy: .9080 held on Thursday. As is always the case though, ‘don’t buy a Friday high’.

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

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