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USD/CHF above .9290 Would Increase Confidence in Upside

Jamie Saettele, CMT


eliottWaves_usd-chf_body_usdchf.png, USD/CHF above .9290 Would Increase Confidence in Upside

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDCHF traded just above Friday’s high before being jammed into the lows late in US trading. Still, the low on Thursday came at the trendline and just 8 pips below the 2013 open price. The response at the level (also the trendline that extends off of the October 2011 and 2012 lows) was powerful enough to trigger a key reversal last Thursday. Exceeding .9290 and consolidating above that level would increase confidence that a strong move higher is underway.

FOREXTrading Strategy: Long while above .9110. .9470 target.

LEVELS: .9073 .9130 .9200 .9290 .9333 .9389

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