USD/CHF Consolidates Around Long Term 50% Retracement
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Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-“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 is trading around the 50% retracement of the decline from the 2012 high. This is a good place for the market to at least endure a period of consolidation to fuel the next leg higher. Keep .9250 in mind as support.”
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