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USD/CHF Inside Day as Market Hovers above Major Low

USD/CHF Inside Day as Market Hovers above Major Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Inside Day as Market Hovers above Major Low

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. If .8800 gives way, then focus would shift to the October 2011 low at .8567.

LEVELS: .8798 .8839 .8859 | .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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