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USD/CHF Holds High; Doesn’t Confirm EUR/USD Low

USD/CHF Holds High; Doesn’t Confirm EUR/USD Low

2013-03-13 01:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Holds High; Doesn’t Confirm EUR/USD Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: An impulsive decline from the post NFP spike high (.9551) is evident. Moreover, today’s EURUSD low was not confirmed by a new USDCHF high. Such divergences are common at turns. Weakness below .9429 is needed to suggest a deeper drop is underway.

FOREXTrading Strategy: Need below .9429 in order to suggest a deeper drop and trade from short side.

LEVELS: .9257 .9338 .9429 .9513 .9608 .9656

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