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USD/CHF Breakout Viewed as Significant

USD/CHF Breakout Viewed as Significant

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Breakout Viewed as Significant

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The USDCHF has extended beyond the ‘critical zone’ identified in recent days. To review, the zone is “defined by the February, April and May 2012 lows.” Bulls now face the line that extends off of the November and January highs. That line comes in at about 9325 on Thursday and decreases 5 pips per day.

FOREXTrading Strategy: Today’s outside day low is useful as a pivot. I’m bullish above 9180.

LEVELS: 9149 9184 9250 9303 9388 9512

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

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