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USD/CHF Rips off of Low; Currently Trying out .9290

USD/CHF Rips off of Low; Currently Trying out .9290

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Rips off of Low; Currently Trying out .9290

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: “The low on Thursday came at the October 2011-2012 trendline and just 8 pips below the 2013 open price. The response at the level (also the trendline that extends off of the October 2011 and 2012 lows) was powerful enough to trigger a key reversal last Thursday. Exceeding .9290 and consolidating above that level would increase confidence that a strong move higher is underway.” We’re at .9290. If price consolidate for a few sessions then we may be able to trade another leg higher tomorrow or Friday into .9420/70.

FOREXTrading Strategy: I didn’t screw this one up…still long. Stop is moved up from .9110 to .9170.

LEVELS: .9175 .9227 .9259 .9290 .9333 .9389

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