FOREX Technical Analysis: USD/CHF Former Support is Resistance above 9200

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eliottWaves_usd-chf_body_usdchf.png, FOREX Technical Analysis: USD/CHF Former Support is Resistance above 9200

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDCHF has reached and filled the May gap at 9184. Like the EURUSD, the near term move is probably extended but expect former support to provide resistance at 9214/41. The series of higher lows from February-April are of interest of course at 9042, 9001, and 8930. The former level is also 161.8% of the latest range.

FOREXTrading Strategy: Wait for strength above at least 9214 before considering longs for a longer term breakout.

LEVELS: 9001 9042 9134 9214 9241 9275

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