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USD/CHF Drops into Top of .8910-.9000 Support Zone

USD/CHF Drops into Top of .8910-.9000 Support Zone

2014-01-13 22:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Drops into Top of .8910-.9000 Support Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-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.

-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). Price is at the top of this zone as of Monday’s close but there is no setup yet.

Trading Bias: Flat

LEVELS: .8859 .8910 .8971 | .9026 .9075 .9111

--- 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.

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