USDCHF Inside Day at Support

240 Minute Bars

Prepared by Jamie Saettele, CMT

The USDCHF is struggling to clear 9655. RSI is having issues clearing 30 on the 240 minute chart, which is often a warning sign (for a turn higher). Viewed in the context of a 3 wave decline from 9971, price is constructive at the current level. As mentioned yesterday, "the 'easy' part of the decline is probably complete and one should expect more 2 way action. Respect potential for a move back to 9770-9810." IF the USDCHF continues lower from the current level, keep an eye on channel support, 9620 (2 equal legs from the high) and 9600 (38.2% retracement of the wave 3 advance from 9001).

LEVELS: 9563 9600 9655 9741 9770 9830