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USD/CHF Needs to Overcome .8940 to Suggest that Path is Higher

USD/CHF Needs to Overcome .8940 to Suggest that Path is Higher

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Needs to Overcome .8940 to Suggest that Path is Higher

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. The market needs to overcome .8940 (daily closing preferably) in order to make the case for higher levels. .8831/59 is the final level of possible support before the December low (the market reacted here on Wednesday and Thursday). If .8800 gives way, then focus would shift to the October 2011 low at .8567.

LEVELS: .8798 .8839 .8861 | .8911 .8939 .8986

--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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