USD/CHF above .9370 is Needed to Stabilize

DailyFX

4Hour

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eliottWaves_usd-chf_body_usdchf.png, USD/CHF above .9370 is Needed to Stabilize

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDCHF has retraced slightly more than half of the advance from .9146. The 61.8% retracement is at .9264.

-The 20 day average continues to serve as support. The 200 day average is at .9347 and slope is flat.

-Parallel channel support as presented on Tuesday failed to hold which makes the impulsive interpretation suspect. A push above .9370 is needed in order to rid the market of near term bear pressures.

Trading Strategy: Flat

LEVELS: .9216 .9246 .9264 | .9335 .9370 .9396

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