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USD/CHF Inside Day and Pattern Similar to Early in the Year

USD/CHF Inside Day and Pattern Similar to Early in the Year

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Inside Day and Pattern Similar to Early in the Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: No change other than noting that the inside day implications are similar to that of the EURUSD – “The USDCHF traded into a new low for the month just 3 days after trading to a new high for the month…gotta love August trading! Price is above the June low which is interesting because the EURUSD is above its June high (this is divergence). Of course, there is no sign of a turn in this market yet. The line that connects the 2012 and 2013 lows is at about .9085 this week in the event that the June low is broken. Current pattern is similar to December 2012-February 2013 (circled). Whether the pattern holds or the USDCHF falls apart remains to be seen.”

FOREXTrading Strategy: Above .9287 would increase confidence that the market has turned.

LEVELS: .9146 .9186 .9212 .9244 .9287 .9312

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

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