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USD/CHF Resistance Prevails; Market Tests Friday Close

USD/CHF Resistance Prevails; Market Tests Friday Close

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Resistance Prevails; Market Tests Friday Close

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-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.

-The USDCHF rally failed near trendline resistance and shy of the January low (former support) at .8902. NFP exhaustion low anyone?

LEVELS: .8700 .8777 .8793 | .8838 .8872 .8902

--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.