USD/CHF Bouncing Along Confluence of Channels
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCHF is bouncing along the top side of the former neckline, and Elliott channel supports (topside of the corrective channel and 4th wave channel). Like the EURUSD, it’s possible that the recent violent swings compose a triangle but the important level for bigger picture bulls is the 5/14 breakout day low at .9520. 2 equal legs from the high would be .9541. In other words, the USDCHF is sitting on support but could slip to .9540…below .9520 (daily close) would suggest that the larger bullish breakout has failed.
FOREXTrading Strategy: Long, stop at .9575, if taken out then look for a low at .9520/40.
LEVELS: .9475 .9520/40 .9577 .9690 .9780 .9838
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