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USD/CHF at Line That Has Been Resistance and Support for Months

USD/CHF at Line That Has Been Resistance and Support for Months

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_Picture_4.png, USD/CHF at Line That Has Been Resistance and Support for Months

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-Last week, USDCHF filled a previously uncovered close from Nov 4th, 2011. The drop to YTD lows shifts focus to the Oct 2011 low at .8570, which is also a head and shoulders objective.

-In general, .8930/60 is estimated resistance. The market would need to clear .9075 to suggest a change in the larger trend.

Trading Strategy: Flat

LEVELS: .8830 .8877 .8902 | .8963 .9012 .9049

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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

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