USD/CHF Reverses at 50% Retracement
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCHF decline paused 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 .9367 .9433 .9471
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.