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USD/CHF Back on the Highs with Fibonacci Level in Sight

USD/CHF Back on the Highs with Fibonacci Level in Sight

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Back on the Highs with Fibonacci Level in Sight

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCHF has completely ‘reversed its reversal’ and focus is back on the January 2012 high at .9594 and 61.8% retracement of the decline from .9971, at .9608. Given the reversal implications from the ending (and expanding) diagonal in EURUSD, the .9600 area takes on one of heightened significance in USDCHF.

FOREXTrading Strategy: Flat

LEVELS: .9279 .9350 .9485 .9566 .9608 .9690

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

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