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USD/CHF Nears 61.8% of Recent Drop

USD/CHF Nears 61.8% of Recent Drop

Jamie Saettele, CMT, Sr. Technical Strategist

240 MinuteBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Nears 61.8% of Recent Drop

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.” The USDCHF failure to make a new high (so far) and confirm the EURUSD low is common at reversals.

FOREXTrading Strategy: Would like to see failure before last week’s high before beginning a short position. .9494-.9513 is a good place for the USDCHF rally to fail.

LEVELS: .9257 .9338 .9379 .9513 .9608 .9656

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