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Forex pairs in this Article » USD/CHF

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Spikes above Trendline; There is a Uncovered Close at .9289Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The USDCHF spiked above the line that extends off of the Jul and Sep highs. At this point, both the EURUSD and USDCHF have traded through their Oct price extremes. USDCHF though closed beneath its Oct high of .9177 today.

-The 9/13 close remains uncovered at .9289. We saw how USDJPY and EURUSD responded to previously uncovered closes today so keep this level in mind.

Trading Strategy: After today’s emotional rollercoaster, it’s a good time for a pullback. In fact, a near term short may set up after tomorrow (NFP) for a drop into a higher low later in the month.

LEVELS: .9023 .9044 .9110 | .9230 .9278 .9295

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