FOREX Technical Analysis: USD/CHF Spikes Through Monday High
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: The USDCHF held Monday’s low and spiked into Friday’s high before settling relatively unchanged. “Given the proximity of the October low, keep in mind the possibility of divergence between the EURUSD and USDCHF (new USDCHF low and NOT a new EURUSD high). This divergence occurred at the October low in fact.” We are already seeing the EUR and CHF begin to diverge before the low. Perhaps the reversal process is underway.
FOREXTrading Strategy: With the Monday and first of the month low holding, I’m taking a shot at the long side with a stop at 9200. 9340 and 9400 are objectives.
LEVELS: 9100 9184 9213 9293 9340 9412
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.