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USD/CHF Déjà vu; Huge Reversal Underway?

USD/CHF Déjà vu; Huge Reversal Underway?

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Déjà vu; Huge Reversal Underway?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: “The low last week 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.” The USDCHF has made important lows since 2012 in a fashion similar to what is happening now. That is, price has dropped sharply into the lows and made an inside week the next week.

FOREXTrading Strategy: Still long. Stop .9170. Current setback is deep after just a 3 wave rally so by no means are bulls out of the woods. .9220 may be support.

LEVELS: .9156 .9220 .9250 .9313 .9348/60 .9405

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

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