USD/CHF Holding Top of .8910-.9000 Support Zone
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.
-A corrective decline from the 2012 high may be complete. The topside of the just broken trendline (could be anywhere from .8910 to .9000) and 12/20 high is holding as support although .8910 is probably stronger support if reached.
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.