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USD/CHF Fails to Follow through on Reversal

USD/CHF Fails to Follow through on Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Fails to Follow through on Reversal

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCHF traded to the lowest since March 2012 on Tuesday before reversing and forming a key reversal. The day’s range was larger than the 20 day average range, which qualifies the reversal as ‘worth paying attention to’. Here are all such reversals this year.

-With reversal days, follow through is important. Failure to close higher on Wednesday warns that the reversal is going to fail.

Trading Strategy: Flat

LEVELS: .8900 .8933 .9009 | .9080 .9146 .9180

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

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