USD/CHF New Highs Accompanied with Drastic Divergence
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“If a major low is in place in the rate then a low probably forms between .8800 and .8860. A low formed at .8955 on 7/1 and USDCHF put in a strong July. The rally from that low may be completing an impulse today (8/5), which raises the risk of consolidation between the current level and .9040 (former high).”
-USDCHF continues to trade around channel resistance. Action since the start of the month is most likely consolidation. The next target area would be .9150-.9250 (January and November 2013 highs).
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