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USD/CHF Responds to Late December Lows

USD/CHF Responds to Late December Lows

2014-02-19 21:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Responds to Late December Lows

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 November 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 rejection at former lows (June and August lows) has given way to a larger dip .9150 needs to give way to suggest that the larger path is higher. .8831/59 is the final level of possible support before the December low (the market reacted here on Wednesday). If .8800 gives way, then focus would shift to the October 2011 low at .8567.

LEVELS: .8798 .8839 .8861 | .8900 .8939 .8986

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

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