USD/CHF Reaches 61.8% Retracement of Decline from 2012
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.”
-USDCHF has reached the highest level in 2 years as well as the 61.8% retracement of the decline from the 2012 high at .9485. The next possible reaction level would be .9566/95 (January 2012 high and March 2013 high). It’s been foolish to even suggest that a countertrend move could develop but if one is going to occur then one of these levels is as good a place as any for that to happen.
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