Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Break above 9240 Would Be Significant

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 at a contentious level defined by the September, October, and November lows.

FOREXTrading Strategy: Exceeding 9238 would warrant a bullish breakout strategy. Until then, direction is in question.

LEVELS: 9021 9115 9150 9238 9274 9388