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USD/CHF Trades to Lowest Level Since Mid-February

USD/CHF Trades to Lowest Level Since Mid-February

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Trades to Lowest Level Since Mid-February

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCHF drop below .9205 wipes out the divergence that was in place with the EURUSD (new EURUSD high and not a new USDCHF low). There isn’t much room until the 2013 low at .9023 (and this just 3 weeks after price was at the 2013 high). I’m back to looking for a low (was stopped out today). Watch the trendline that extends off of the October 2011 and 2013 lows (just below current price). Specific prices to keep in mind are .9138/49 (open for the year and 2/12 low) and the 2/1 close (low for the year) at .9073.

FOREXTrading Strategy: stopped out today…looking for a low the next few days

LEVELS: .9021 .9073 .9138 .9248 .9290 .9333

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