USD/CHF Breakout Retest Presents Next Opportunity

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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Breakout Retest Presents Next Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: An inverse head and shoulders pattern that began exactly 8 months ago (9/14/12) was confirmed Tuesday. The target from the pattern is 1.0111. In the ‘year of the breakout’, ignore such patterns at your own risk. Wrote Wednesday that “channel resistance won today but look for support at the broken upward sloping channel line and neckline (both in blue).” The neckline served as support Thursday. Look higher. The 5/10 3 pm close could be support at .9570 if reached.

FOREXTrading Strategy: Long, .9520 stop, target 1.0100.

LEVELS: .9520 .9583 .9627 .9720 .9771 .9898

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