USD/CHF Continues to Probe Topside of Former Trendline
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 has halted at the top side of the trendline that extends off of the 2012 and March 2013 highs…at least so far. If this level can’t hold, then .9333 is in play along with the trendline that extends off of the 2013 lows (.9333 on Thursday).
FOREXTrading Strategy: Was stopped out of a long taken this morning on the spike below .9400. 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. Wait and see for now.
LEVELS: .9246 .9333/47 .9395 .9470 .9520 .9618
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