USD/CHF Tags February 2013 Low and Reverses
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The near term path is higher above .8896 but USDCHF faces a load of levels up to .9020 (200 DMA is now, and the February 2013 low is at .9021). Below .8896 would likely give way to .8860.”
-A high was registered just above .9021 and the reversal took out the prior 8 days’ highs and lows. The implications are the exact opposite of May 8th. That is, today’s action gives scope to immediate weakness. .8860 and .8800 are estimated support levels.
LEVELS: .8830 .8860 .8896 | .8845 .9005 .9036
--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.