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USD/CHF Reverses at 50% Retracement

USD/CHF Reverses at 50% Retracement

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Reverses at 50% Retracement

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

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.

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