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USD/CHF End of Year Breakdown is Possible

By , Sr. Technical Strategist
09 December 2013 20:49 GMT

Weekly

eliottWaves_usd-chf_body_Picture_4.png, USD/CHF End of Year Breakdown is Possible

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDCHF is no longer ‘bouncing along the top side of the line that extends off of the Jul and Sep highs.’ Price accelerated lower last weel and the lows seen in Oct are at risk.

-A push above .9110 is still needed to suggest that the trend is not down. Weakness below .8889 opens up .8530/75 (measured objectives and Oct 2011 low). Near term resistance is .8960.

Trading Strategy: Flat

LEVELS: .8847 .8889 .8922 | .8989 .9030 .9076

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

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09 December 2013 20:49 GMT