USD/CHF Responds to December High; Pulls Back
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-On 12/27, USDCHF spiked to its lowest level since Nov 2011. The advance from the 12/27 low is impulsive (5 waves). As such, it’s possible that an important low is in place. The market has responded to the Dec high. The Aug low is also possible resistance at .9146.
-A corrective decline from the 2012 high may be complete. I will be watching for a secondary low at the topside of the just broken trendline (could be anywhere from .8910 to .9000).
Trading Bias: Flat
LEVELS: .8971 .9000 .9036 | .9111 .9146 .9191
--- 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.