USD/CHF Stuck in Neutral at Significant Level

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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Stuck in Neutral at Significant Level

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.” Price has penetrated and closed above the internal trendline that extends off of the July and November highs. This line was resistance on January 4th. The topside of that line provided support early in February. Price has closed above the 20 day average for 4 days now, which hints at a break through the top of the mentioned critical zone.

FOREXTrading Strategy: Today’s inside day presents an opportunity to play a break of Monday’s range.

LEVELS: 9073 9150 9200 9274 9388 9512

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