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USD/CHF Outside Week; Short a Bounce?

USD/CHF Outside Week; Short a Bounce?

2013-10-21 19:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Outside Week; Short a Bounce?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-After trading into late August lows, the USDCHF reversed sharply and is forming an outside week.

-Price is once again below the line that extends off of the 2012 and January lows.

-5 waves down are visible from the 10/15 high (may end from slightly lower levels). The pattern presents an opportunity to sell strength. Resistance is from .9070 to .9125.

Trading Strategy: Range trading may take hold before a larger breakdown. .8995 is support. .9070-.9125 is resistance.

LEVELS: .8930 .8967 .8992 | .9070 .9092 .9122

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