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USD/CHF Very Short Term Bottoming Pattern Triggers; .8930/60 of Interest

Jamie Saettele, CMT

4Hour

eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Very Short Term Bottoming Pattern Triggers; .8930/60 of Interest

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses


-On Wednesday, USDCHF filled a previously uncovered close from Nov 4th, 2011. The drop to YTD lows shifts focus to the Oct 2011 low at .8570, which is also a head and shoulders objective.


-In general, .8930/60 is estimated resistance. The market would need to clear .9075 to suggest a change in the near term trend.


Trading Strategy: Flat


LEVELS: .8761 .8839 .8963 | .8933 .8963 .9012

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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