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USD/CHF Inside Week Setup; Been Here Before

USD/CHF Inside Week Setup; Been Here Before

2013-06-24 18:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Inside Week Setup; Been Here Before

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

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. The recent low was registered at the trendline that extends off of the October 2011 and 2013 lows and just 8 pips below the open for the year. 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: Long while above .9170

LEVELS: .9156 .9220 .9290 .9407 .9498 .9571

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

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