Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCHF has plummeted, wiping out all of May’s advance (in the first week of June nonetheless). Although I was looking for a deep correction of the advance, in no way did I envision this deep of a drop. The divergence helped us get long in May is back again. That is, the EURUSD made a new high yet the USDCHF is holding above the low. This divergence is in place as long as the USDCHF is above .9205.
FOREXTrading Strategy: Same as EURUSD and GBPUSD…the move feels like forced liquidation which often marks a price extreme. Still, you don’t know if it is over. Waiting for a ‘tell’, such as an inside day or clean short term wave structure.
LEVELS: .9114 .9165 .9227 .9330 .9395 .9470