USD/CHF Trades Through Prior Week High; Signals Tradeable Low

Jamie Saettele, CMT

4Hour

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Trades Through Prior Week High; Signals Tradeable Low
eliottWaves_usd-chf_body_usdchf.png, USD/CHF Trades Through Prior Week High; Signals Tradeable Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: Price has held the trendline that extends off of the October 2011, February 2013, and June 2013 lows. An intraday plot of the turn higher reveals an impulsive advance. Combined with the trendline response and push through last week’s high, there is a good start to something bigger on the upside. Also, 60 minute RSI is at its highest in at least a year. Usually, very strong momentum readings (especially short term) indicate the beginning of a larger move in that direction. Some sideways trade is in order first of course. Support is .9284.

FOREXTrading Strategy: Will look to identify the end of corrective weakness…allow at least a day.

LEVELS: .9259 .9284 .9310 .9365 .9389 .9462

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.