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USD/CHF Key Reversal Forms from Under January 2012 Low

USD/CHF Key Reversal Forms from Under January 2012 Low

Jamie Saettele, CMT, Sr. Technical Strategist

WeeklyCandles

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Key Reversal Forms from Under January 2012 Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

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

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

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