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USD/CHF 2012 Low at .8930 May be Seen Soon

USD/CHF 2012 Low at .8930 May be Seen Soon

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-chf_body_usdchf.png, USD/CHF 2012 Low at .8930 May be Seen Soon

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. This on failed. Watch out below.

-Levels to pay attention to if the floor opens up…the 2012 low at .8930, 38.2% of the rally from 2011 low at .8862, and the October 2011 low at .8567.

Trading Strategy: Flat

LEVELS: .8567 .8860 .8930 | .9024 .9076 .9137

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