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USD/CHF Longs Favored on Dips above .9278

USD/CHF Longs Favored on Dips above .9278

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Longs Favored on Dips above .9278

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: “The USDCHF took out the trendine that extends off of the November and January highs with authority. Technically, the breakout is valid as long as price is above Thursday’s low but the confluence of Fibonacci resistance and the January high is unlikely to give way easily.” The USDCHF has no problem and took out .9388 easily Friday. The level may now serve as support.

FOREXTrading Strategy: Looking to buy into trendline support, preferably below .9350.

LEVELS: .9278 .9338 .9388 .9462 .9512 .9607

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