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USD/CHF Tags March High and Pulls Back Sharply

USD/CHF Tags March High and Pulls Back Sharply

2014-05-15 17:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CHF Tags March High and Pulls Back Sharply

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Since failing at the line that extends off of the July 2013 and January 2014 highs, USDCHF has dropped sharply, traded sideways, and dropped sharply again. Barring a move above .8861, the risk is for a drop into lines that extend off of recent lows. The lines cross .8600 and .8630 or so this week (depending on which lows are used). The October 2011 low is at .8567 and the 50% retracement of the advance from .7066 is at .8519.” Don’t forget about the levels mentioned but the implication from the divergence with EURUSD (see EURUSD section) is that an important low is in place.

-Thursday’s action may cap the rally in the near term and inspire a pullback into .8800.

LEVELS: .8754 .8803 .8862 | .8920 .8952 .9000

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

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