USD/CHF Holds Top Side of Former Trendline
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 but near term structure leaves open the possibility for a period of wider ranging below .8985.
LEVELS: .8971 .9024 .9050 | .9111 .9190 .9249
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