USD/CHF Hanging on the Edge of the Cliff

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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Hanging on the Edge of the Cliff

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The USDCHF has been a nightmare so far in 2013. After rallying sharply for most of January, price plunged last week and actually ended the month lower. Price has entered a critical zone defined by the February, April and May 2012 lows.

FOREXTrading Strategy: A drop below 9021 WHILE remaining below 9117 would warrant a bearish breakout strategy against 9117.

LEVELS: 8885 8931 9021 9122 9192 9226

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