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USD/CHF Rams into Trendline and mid-October Support

USD/CHF Rams into Trendline and mid-October Support

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Rams into Trendline and mid-October Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDCHF has rallied into the line that extends off of the Sep and Oct highs. This level is also support from mid-October (10/14 low). The 61.8% retracement of the decline from the Oct high is at .9067.

Trading Strategy: Don’t chase this move as long as price is below .9177. Doing so puts one at risk of buying the corrective rally in a downtrend. In fact, the advance would consist of 2 equal legs at .9066!

LEVELS: .8965 .8993 .9044 | .9097 .9130 .9180

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