Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-USDCHF has exceeded .9396, breaking the series of lower highs since the July high. Half of the decline from the July high has been retraced.
-Near term momentum (120 and 60 minute 12 period RSIs) is strong. The implications are for any weakness to prove corrective.
-Volume (CME futures) was at the 95th percentile over the last 20 days. The last 4 down days with 95th percentile volume were 8/13, 7/5, 5/17, 5/3. All at least gave way to several days of sideways action before new USDCHF highs were registered.
Trading Strategy: Plan is to buy the next dip – mark .9380-.9400 as a level to look for support.
LEVELS: .9350 .9380 .9415| .9477 .9519 .9550