USD/CHF .9000/12 Lines Up as an Important Zone

By DailyFx | Updated July 30, 2014 AAA

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USD/CHF .9000/12 Lines Up as an Important Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“Failure to hold .8907 opened up .8860, which is the close of the week that ended 5/9 (week of the low) and roughly the 50% retracement of the advance from the May low (50% is at .8869). If a major low is in place in the rate then a low probably forms between .8800 and .8860.” A low formed at .8955. .9000/12 is a reaction zone and exceeding that level would indicate a bull leg is likely underway towards at least .9190.

LEVELS: .8897 .8907 .8933 | .8974 .9005 .9036

--Tradingideas are availabletoJ.S. Trade Desk members.

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