USD/CHF Trying to Hold 5/2 Close Level
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCHF rally from .9246 traced out 5 waves and the post NFP swings on Friday may have completed a 3 wave correction. Price is holding the 5/2 close, which is important. 5/2 was a large volume day (futures). 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 .9270 .9336 .9402 .9468 .9526
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.