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USD/CHF Contends with January Low as Resistance

USD/CHF Contends with January Low as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Contends with January Low as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“USDCHF dropped to its lowest level since October 2011 on Friday. There is no chart support until the October 2011 low at .8567. However, the USDCHF low is NOT accompanied by a new high in EURUSD. This divergence has occurred at turning points in recent years.”

-Monday’s inside day raises the possibility that Friday was exhaustive and Tuesday’s follow through increases the likelihood that a low is in place. Look higher on balance but beware of resistance from former lows (first one at .8900).

LEVELS: .8793 .8817 .8843 | .8902 .8929 .8986

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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