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USD/CHF Has Retraced Half of Advance from May Low

USD/CHF Has Retraced Half of Advance from May Low

2014-07-01 20:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CHF Has Retraced Half of Advance from May Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Failure to hold .8907 opened up .8860, which is the close of the week that ended 5/9 (week of the low) and roughly the 50% retracement of the advance from the May low (50% is at .8869). If a major low is in place in the rate then a low probably forms between .8800 and now. Above .8937 is needed in order to break the near term downtrend.

LEVELS: .8800.8830 .8863 | .8900 .8937 .8956

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

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