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.” The USDCHF closed above the line today (barely). In the ‘year of the breakout’, ignore such happenings at your own risk. .9440/60 is support on a dip.
FOREXTrading Strategy: Long, stop moved up to .9330, target 1 at .9468 was hit, target 2 open
LEVELS: .9377 .9415 .9440/60 .9526 .9608 .9746