USD/CHF Dip Closes in on 50% Retracement

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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Dip Closes in on 50% Retracement

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCHF has responded to the trendline that extends off of the 2012 and 2013 highs. Wrote last week that “while this is a good place for some consolidation (support is at .9443), the rally from .9021 is sharp with impulsive characteristics and the decline from .9566 is corrective (3 waves). This, along with the reversal at the 61.8% retracement portends something quite bullish. Near term support for a small 4th wave is estimated at .9390-.9410.” The setback is certainly deeper than expected but I’m respecting the upside as long as price is above .9326 (4/17 reversal day close) on a daily closing basis.

FOREXTrading Strategy: Flat

LEVELS: .9205 .9276 .9325 .9419 .9468 .9526

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