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USD/CHF Waiting Game; Break or Bounce?

USD/CHF Waiting Game; Break or Bounce?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Waiting Game; Break or Bounce?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCHF is trading at the line that extends off of the 2012 and 2013 (February) lows and is nearing the year to date low of .9024.

-The 2/1 close at .9074 is the final possible support prior to the low at .9024. Wednesday’s low was .9077. A bounce from here

-USDCHF slipped below last week’s low on Wednesday while EURUSD stayed below its high. The divergence is subtle but it’s there.

Trading Strategy: In general, EUR and CHF are acting well. Look for long opportunities on EUR and CHF against commodity FX. Here is a NZDCHF example from Wednesday.

LEVELS: .8933 .9024 .9078 | .9146 .9182 .9233

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

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