News Column

USD/CHF Slammed off of Trendline Towards Lows

February 13, 2014

Jamie Saettele, CMT


eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Slammed off of Trendline Towards Lows

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-On 12/27, USDCHF spiked to its lowest level since November 2011. The advance from the 12/27 low is impulsive (5 waves). As such, it's possible that an important low is in place.

-The rejection at former lows (June and August lows) has given way to a larger dip. The rate has held the top side of the former resistance line so a secondary low may be in place at .8902. .9150 needs to give way to suggest that the path is higher. Until then, respect the range. Below .8902 would begin to suggest that a breakdown is on the horizon.

LEVELS: .8859 .8902 .8925 | .8967 .9006 .9071

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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Source: DailyFx

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