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USD/CHF Holds Parallel Channel after 2 Day Drop

USD/CHF Holds Parallel Channel after 2 Day Drop

2013-09-10 20:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Holds Parallel Channel after 2 Day Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-After exceeding the 8/15 high of .9396, the USDCHF declined for 2 days. A large range key reversal unfolded on Friday.

-The decline retraced 50% of the advance from .9146.

-Although sharp, the 2 day decline is in 3 waves (to this point), channels perfectly, and found bottom near a former 4th low (common area for a market turn).

Trading Strategy: Long, stop .9290.

LEVELS: .9246 .9289 .9317 | .9373 .9396 .9431

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