U.S. Markets closed

USD/CHF Friday Low is Near Term Pivot

Jamie Saettele, CMT


eliottWaves_usd-chf_body_usdchf.png, USD/CHF Friday Low is Near Term Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The USDCHF reversed sharply off of the 61.8% retracement of the rally from .9021. The level also marks the October 2012 low. Price has followed through on the 4/17 reversal and is nearing the 20 day midpoint at .9379. Exceeding that level would expose the 61.8% retracement at .9428 and 3/14 reversal day close at .9471.

FOREXTrading Strategy: Flat

LEVELS: .9205 .9276 .9314 .9379 .9428 .9471

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.