USD/CHF .9205 Remains a Key Near Term Level

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eliottWaves_usd-chf_body_usdchf.png, USD/CHF .9205 Remains a Key Near Term Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCHF rallied for 22 weeks off of the 2011 low (8/12/11 to 1/13/12) and has traded sideways for the last 73 weeks. Consolidation has lasted 3.3 times (73/22) longer than the previous trend. This week’s low was registered at the topside of a trendline that extends off of the 2010 (June) and 2012 (July) highs. In light of the divergence with EURUSD, one can make the case for a major USDCHF low.

FOREXTrading Strategy: Long triggered today at .9295, stop .9200

LEVELS: .9073 .9114 .9205 .9318 .9418 .9471

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