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USD/CHF Channel Defines Action from the Low; Hold or Fold?

USD/CHF Channel Defines Action from the Low; Hold or Fold?

2013-10-14 21:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Channel Defines Action from the Low; Hold or Fold?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Price is trading around the line that extends off of the 2012 and February lows.

-The rally from the low (.8967) is contained by a corrective channel and the advance consists of 2 equal legs (equality would be .9129). The 9/25 high at .9137 is also nearby resistance. The close of the ‘no taper’ hour (2-3 eastern) on 9/18 seems to exert force on the market as well. The level was resistance on 9/24 and 9/25.

Trading Strategy: Like the EURUSD, there isn’t much to do right now.

LEVELS: .9018 .9065 .9080 | .9137 .9175 .9214

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