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USD/CHF Holds Top Side of Former Trendline

USD/CHF Holds Top Side of Former Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Holds Top Side of Former Trendline

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. 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

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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