USD/CHF at Line That Has Been Resistance and Support for Months
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Last week, 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 larger trend.
Trading Strategy: Flat
LEVELS: .8830 .8877 .8902 | .8963 .9012 .9049
--- 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.