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USD/CHF Closes Below Channel Support; Signals Breakdown Potential

USD/CHF Closes Below Channel Support; Signals Breakdown Potential

2013-04-09 20:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Closes Below Channel Support; Signals Breakdown Potential

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCHF decline could pause at the 50% retracement (.9294) but the close beneath channel support argues for a deeper decline. Recent comments are still valid; “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).”

FOREXTrading Strategy: Stop on shorts is moved down to .9370. Strength above would have me looking for a top near .9396.

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

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