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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