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USD/CHF Multiyear Trendline Serves as Support

USD/CHF Multiyear Trendline Serves as Support

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Multiyear Trendline Serves as Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCHF rallied for 22 weeks off of the 2011 low (8/12/11 to 1/13/12) and has traded sideways for the last 73 weeks. Consolidation has lasted 3.3 times (73/22) longer than the previous trend. This week’s low was registered at the topside of a trendline that extends off of the 2010 (June) and 2012 (July) highs. In light of the divergence with EURUSD, one can make the case for a major USDCHF low.

FOREXTrading Strategy: Order to go long at .9295, stop .9200

LEVELS: .9205 .9227 .9290 .9418 .9441 .9471

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

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