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USD/CHF Gets Lift off of Trendline; Faces Former Congestion

USD/CHF Gets Lift off of Trendline; Faces Former Congestion

2013-05-02 00:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 MinuteBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Gets Lift off of Trendline; Faces Former Congestion

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Wrote yesterday that “the USDCHF has declined over 200 pips since trading into the trendline that extends off of the 2012 and 2013 highs. The trendline that is extended off of the 2/1 and 4/17 lows is just below current price. Even if only a countertrend bounce is underway, this would be a good place for it to happen. .9350 is resistance.” We’ve reached .9350 and resistance extends to .9383 in the near term. If the advance can complete 5 waves up (from .9246), then we should get an opportunity to turn bullish on a swing basis.

FOREXTrading Strategy: Flat

LEVELS: .9246 .9271 .9323 .9383 .9416 .9468

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