U.S. Markets closed

USD/CHF Trendline Re-Tests and Possible Reversal Pattern

Jamie Saettele, CMT

4Hour

eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Trendline Re-Tests and Possible Reversal Pattern

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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


-Keep in mind that the first day of the month remains the low for the month at .9064.


-USDCHF reversed just after dipping below the 11/4 low at .9091.


-Estimated resistance within the range is .9207. and estimated support is .9122.


Trading Strategy: Like the EURUSD and GBPUSD, long USD here could work but the trade seems forced. Not yet (for me at least).


LEVELS: .9044 .9095 .9122 | .9179 .9229 .9250

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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.