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