USD/CHF Fails to Confirm EURUSD Low

DailyFX

WeeklyCandles

View photo

.
eliottWaves_usd-chf_body_usdchf.png, USD/CHF Fails to Confirm EURUSD Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: “The USDCHF key reversal (and J-Spike, first bearish one since 6/1/12) occurred from just below the January 2012 high (which raises another possibility regarding major trend.” The USDCHF failure to make a new high (so far) and confirm the EURUSD low is common at reversals.

FOREXTrading Strategy: Would like to see intraday failure before last week’s high before beginning a short position.

LEVELS: .9257 .9338 .9379 .9513 .9608 .9656

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 (0)