USD/CHF Follows Through on Reversal From Fibonacci Level
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: The USDCHF turned higher on Wednesday from the 61.8% retracement of the rally from .9129. Today’s follow through day increases confidence that a low of importance is in place (as does the divergence that is in place with EURUSD as long as the EURUSD is below 1.3205). Estimated support is .9409 and .9383.
FOREXTrading Strategy: Moving order to go long up to .9411 (was .9383 yesterday). Order to go long at .9411, stop .9350. If stopped out then I’ll be looking for a low near .9290 or .9220.
LEVELS: .9291 .9357 .9409 .9460 .9498 .9533
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