USD/CHF Key Reversal Forms from Under January 2012 Low
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCHF key reversal (and J-Spike, first bearish one since 6/1/12) occurred from just below the January 2012 high (which raises another possibility regarding major trend…more on that tomorrow). Weakness below .9429 is needed to suggest a deeper drop is underway.
FOREXTrading Strategy: The reversal at this level warrants a bearish stance. Looking to begin short position at .9508/22 with a .9610 stop.
LEVELS: .9257 .9338 .9429 .9513 .9608 .9656