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USD/CHF Just Pips Away from 50% Retracement of 2012 Decline

USD/CHF Just Pips Away from 50% Retracement of 2012 Decline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Just Pips Away from 50% Retracement of 2012 Decline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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 .9500 area (50% retracement at .9496 and November high at .9512) is a good place for near term exhaustion to take place. If it does, then the support line that extends off of the February lows probably comes into play later in March.

FOREXTrading Strategy: Flat

LEVELS: .9278 .9338 .9388 .9496-.9512 .9607 .9656

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

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