USD/CHF Consolidates at 50% Retracement of Latest Bull Leg

Jamie Saettele, CMT
April 15, 2013

DailyBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Consolidates at 50% Retracement of Latest Bull Leg
eliottWaves_usd-chf_body_usdchf.png, USD/CHF Consolidates at 50% Retracement of Latest Bull Leg

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCHF decline continues to hold the 50% retracement (.9294) on a closing basis but the close beneath channel support argues for a deeper decline. Recent comments are still valid; “The drop below multi-month trendline support argues for at least a deeper setback with .9294 and .9229 of interest. I mention ‘at least’ because it’s also possible that a major top is in place (look at the weekly, which sports a potential year+ long head and shoulders top).”

FOREXTrading Strategy: Stop on shorts is moved down to .9345. Strength above would have me looking for a top near .9396.

LEVELS: .9184 .9229 .9257 .9339 .9365 .9396

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