USD/CHF Wipes Out; Gets Back Up at Trendline Top Side
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCHF has retraced half of the decline from the February low…that’s what happens when a market position gets crowded. Weakness was halted at the top side of the trendline that extends off of the 2012 and March 2013 highs.
FOREXTrading Strategy: This is a great level for a low to form but so too is the 61.8% at .9333, which is reinforced by the trendline off of the 2013 lows.
LEVELS: .9246 .9333/47.9400 .9511 .9618 .9650
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