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USD/CHF 10/3 Low Providing Resistance on Bounce

USD/CHF 10/3 Low Providing Resistance on Bounce

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF 10/3 Low Providing Resistance on Bounce

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-After trading into late August lows, the USDCHF reversed sharply and made an outside week 2 weeks ago. Last week’s decline triggered follow through and is bearish.

-Price has dipped below the 2012 low. There is an uncovered close from November 2011 at .8847.

-Former lows at .8965 and .9000 are now resistance.

Trading Strategy: Flat

LEVELS: .8799 .8847 .8910 | .8965 .9004 .9044

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