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USD/CHF Tests Internal Trendline as Support

USD/CHF Tests Internal Trendline as Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Tests Internal Trendline as Support

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. The topside of that line provided support today. However, price remains capped by the 20 day average and is in the center of a wide range. This isn’t the best spot to do something.

FOREXTrading Strategy: Flat

LEVELS: 9021 9115 9150 9213 9274 9388

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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