USD/CHF Recovers From 50% Retracement
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.” A low formed on Tuesday and the rate is testing important resistance now. Like EURUSD (but the inverse), the advance from the low needs to complete an impulse before exercising confidence in 7/1 as an important pivot.
LEVELS: .8830 .8874 .8910 | .8946 .8967 .9005
--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.