USD/CHF Dips to a New Low and Rebounds
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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. If .8800 gives way, then focus would shift to the October 2011 low at .8567.
LEVELS: .8798 .8839 .8866 | .8911 .8939 .8986
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