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USD/CHF Floor Opens Up; 2012 Low at .8931 and Nov 2011 Gap at .8847

USD/CHF Floor Opens Up; 2012 Low at .8931 and Nov 2011 Gap at .8847

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Floor Opens Up; 2012 Low at .8931 and Nov 2011 Gap at .8847

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 made an outside week.

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

-Price is nearing the 2012 low at .8931. There is also an uncovered close from November 2011 at .8847.

-The post NFP spike low and 15 minute close at .8962/90 is resistance.

Trading Strategy: Flat

LEVELS: .8799 .8847 .8931 | .8990 .9044 .9071

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

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