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USD/CHF Registers Low 8 Pips Below Yearly Open

USD/CHF Registers Low 8 Pips Below Yearly Open

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Registers Low 8 Pips Below Yearly Open

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Wrote yesterday that “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.” The low on Thursday came at the trendline and just 8 pips below the 2013 open price.

FOREXTrading Strategy: Long, .9110 stop, targets .9389 and .9470

LEVELS: .9073 .9130 .9200 .9290 .9333 .9389

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