We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
USD/CHF Outside Day Offers Reference Point to Manage Risk

USD/CHF Outside Day Offers Reference Point to Manage Risk

2013-04-11 21:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

DailyBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Outside Day Offers Reference Point to Manage Risk

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 continues to hold the 50% retracement (.9294) on a closing basis 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 .9345. Strength above would have me looking for a top near .9396.

LEVELS: .9184 .9229 .9257 .9339 .9365 .9396

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.