USD/CHF Multiyear Trendline Serves as Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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