Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

USD/CHF at Trendline Confluence; Looking for a Low

By , Sr. Technical Strategist
11 July 2013 23:42 GMT

Daily

eliottWaves_usd-chf_body_usdchf.png, USD/CHF at Trendline Confluence; Looking for a Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: The USDCHF has held .9400, a well-defined area from the 6/3 low, 6/10 high, 6/25 high, and 6/27 low. Continue to keep .9367 (61.8%) and .9291 (large volume area) in mind but it’s a good sign that .9400 has held. The level is also defined by a former trendline (now an internal line). The original line that defines the rally from the June low is slightly below .9400.

FOREXTrading Strategy: We are in the right area to look for a low. Like the EURUSD, I prefer to see what happens Friday…we’ll either get a better (lower) level next week or have a setup with tighter risk at a higher level.

LEVELS: .9290 .9367 .9400 .9534 .9595 .9625

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

11 July 2013 23:42 GMT