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USD/CHF Bouncing Along Top Side of Former Trendline

By , Sr. Technical Strategist
14 November 2013 20:31 GMT

Daily

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Bouncing Along Top Side of Former Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The USDCHF is above the line that extends off of the Jul and Sep highs. At this point, both the EURUSD and USDCHF have traded through their Oct price extremes. The trend has changed.

-The 9/13 close remains uncovered at .9289. We saw how USDJPY and EURUSD responded to previously uncovered closes today so keep this level in mind.

Trading Strategy: “.9090-.9150 was identified as the ideal pullback area. We have reached the upper end of that zone. The top side of the line that extends off of the July and Sep highs crosses .9120 on Thursday and decreases about 8 pips per day. Watch for support at that line.” The Thursday low was .9120. The line is at about .9113 on Friday. Like EURUSD, I would like to see a Friday price extreme to fade.

LEVELS: .9044 .9091 .9133 | .9200 .9249 .9278

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14 November 2013 20:31 GMT