USD/CHF above .9290 Would Increase Confidence in Upside

DailyFX

Weekly

View photo

.
eliottWaves_usd-chf_body_usdchf.png, USD/CHF above .9290 Would Increase Confidence in Upside

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The USDCHF traded just above Friday’s high before being jammed into the lows late in US trading. Still, the low on Thursday came at the trendline and just 8 pips below the 2013 open price. The response at the level (also the trendline that extends off of the October 2011 and 2012 lows) was powerful enough to trigger a key reversal last Thursday. Exceeding .9290 and consolidating above that level would increase confidence that a strong move higher is underway.

FOREXTrading Strategy: Long while above .9110. .9470 target.

LEVELS: .9073 .9130 .9200 .9290 .9333 .9389

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments