USD/CHF Setup Leaves Little Room for Error
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: “The pattern is the exact inverse of the EURUSD (A-B-C decline with wave C as a diagonal). If the interpretation is correct, then the wave C diagonal (from .9533) will probably be retraced quickly.” The rally from .9227 is impulsive and suggests that the trend has turned up. The deep pullback found low at the top side of the C wave resistance line on Friday. The line came into play again Tuesday. It’s wait and see.
FOREXTrading Strategy: Long, stop .9220, target half at .9365
LEVELS: .9129 .9179 .9227 .9315 .9365 .9389
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.