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USD/CHF Responds to Late February Resistance

USD/CHF Responds to Late February Resistance

2013-04-08 20:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Responds to Late February Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The drop below multi-month trendline support argues for at least a deeper setback with .9294 and .9229 of interest. I mention ‘at least’ because it’s also possible that a major top is in place (look at the weekly, which sports a potential year+ long head and shoulders top). Near term resistance is .9396.

FOREXTrading Strategy: The trendline break is enough to turn bearish for at least .9294 (50% retracement).

LEVELS: .9184 .9229 .9294 .9396 .9433 .9471

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