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USD/CHF Testing Neckline from Potentially Powerful Pattern

USD/CHF Testing Neckline from Potentially Powerful Pattern

2013-05-13 12:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Testing Neckline from Potentially Powerful Pattern

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

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.” In the ‘year of the breakout’, ignore such happenings at your own risk. .9475-.9507 is support on a dip.

FOREXTrading Strategy: Long, stop moved up to .9400, target open

LEVELS: .9436 .9476 .9526 .9627 .9746 .9864

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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