USD/CHF Very Short Term Bottoming Pattern Triggers; .8930/60 of Interest
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-On Wednesday, USDCHF filled a previously uncovered close from Nov 4th, 2011. The drop to YTD lows shifts focus to the Oct 2011 low at .8570, which is also a head and shoulders objective.
-In general, .8930/60 is estimated resistance. The market would need to clear .9075 to suggest a change in the near term trend.
Trading Strategy: Flat
LEVELS: .8761 .8839 .8963 | .8933 .8963 .9012
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.