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USD/CHF Internal Trendline Providing Clues

USD/CHF Internal Trendline Providing Clues

2013-02-07 00:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Internal Trendline Providing Clues

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “The USDCHF has been a nightmare so far in 2013. After rallying sharply for most of January, price plunged last week and actually ended the month lower. Price has entered a critical zone defined by the February, April and May 2012 lows.” Price has penetrated and closed above the internal trendline that extends off of the July and November highs. This line was resistance on January 4th.

FOREXTrading Strategy: It’s tough to trust the USDCHF right now…flat.

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