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USD/CHF Near Term Support at .9390

USD/CHF Near Term Support at .9390

2013-04-24 22:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Near Term Support at .9390

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCHF has responded to the trendline that extends off of the 2012 and 2013 highs. Wrote yesterday that “while this is a good place for some consolidation (support is at .9443), the rally from .9021 is sharp with impulsive characteristics and the decline from .9566 is corrective (3 waves). This, along with the reversal at the 61.8% retracement portends something quite bullish. Near term support for a small 4th wave is estimated at .9390-.9410.

FOREXTrading Strategy: Flat

LEVELS: .9276 .9325 .9388-.9410 .9468 .9526 .9566

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