USD/CHF Trades to 20 Day Average

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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Trades to 20 Day Average

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.

FOREXTrading Strategy: It’s tough to trust the USDCHF right now…flat.

LEVELS: 9021 9115 9150 9221 9274 9388

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