USD/CHF Fibonacci Confluence Slightly Below Current Price

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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Fibonacci Confluence Slightly Below Current Price

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCHF drop to a new low negates the bullish situation as it was previously described. On Monday, price tested the 61.8% retracement of the range for the year along with a short term downward sloping trendline. The 61.8% extension of the decline from .9838 and subsequent swing higher is at .9313. High volume areas to keep in mind for formation of a low are .9291 and .9217.

FOREXTrading Strategy: Flat

LEVELS: .9220 .9291 .9312 .9407 .9454 .9533

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