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USD/CHF is Bullish above .9300

USD/CHF is Bullish above .9300

2013-05-06 23:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF is Bullish above .9300

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

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

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