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USD/CHF Sideways Market Awaits Resolution

USD/CHF Sideways Market Awaits Resolution

2013-04-02 21:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Sideways Market Awaits Resolution

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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.” A drop below multi-month trendline support, at about .9400 on Tuesday, would argue for at least a deeper setback with .9294 and .9229 of interest.

FOREXTrading Strategy: Flat

LEVELS: .9279 .9350 .9435 .9566 .9608 .9690

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