USD/CHF is Bullish above .9300
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote last week that “if the advance can complete 5 waves up (from .9246), then we should get an opportunity to turn bullish on a swing basis.” The USDCHF rally from .9246 traced out 5 waves and the post NFP swings on Friday probably completed a 3 wave correction. Estimated resistance is .9468. Exceeding the trendline that extends off of the 2012 and 2013 highs could trigger a major breakout.
FOREXTrading Strategy: Long, stop .9300, target .9468 and open
LEVELS: .9246 .9271 .9350 .9416 .9468 .9526
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.