Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-After trading into late August lows, the USDCHF reversed sharply and made an outside week 2 weeks ago. Last week’s decline triggered follow through and is bearish.
-Price has dipped below the 2012 low and recovered. There is an uncovered close from November 2011 at .8847.
-Price has reached former support at .9000, which is now estimated resistance. The 10/14 low at .9063 is also possible resistance. This level is in line with the line that extends off of the Sep and Oct highs on Wednesday.
Trading Strategy: Flat
LEVELS: .8799 .8847 .8922 | .9004 .9063 .9097