USD/CHF Worth a Look as Trendline Support Looms

DailyFX

240 MinuteBars

View photo

.
eliottWaves_usd-chf_body_usdchf.png, USD/CHF Worth a Look as Trendline Support Looms

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The USDCHF has declined over 200 pips since trading into the trendline that extends off of the 2012 and 2013 highs. The trendline that is extended off of the 2/1 and 4/17 lows is just below current price. Even if only a countertrend bounce is underway, this would be a good place for it to happen. .9350 is resistance.

FOREXTrading Strategy: Flat

LEVELS: .9165 .9205 .9239 .9309 .9353 .9381

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)