DailyBars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Are you new to FX or curious about your trading IQ?
FOREXAnalysis: The USDCHF has been on a tear this week but faces a test from the trendline that extends off of the 2012 and 2013 highs. In fact, price responded to the line today and backed off about 40 pips. While this is a good place for some consolidation (support is at .9443), the rally from .9021 is impulsive and the decline from .9566 corrective (3 waves) and reversed at the 61.8% retracement. This is characteristic of something quite bullish.
FOREXTrading Strategy: Flat
LEVELS: .9340 .9388 .9443 .9526 .9566 .9608