USD/CHF Consolidates at Channel Resistance

By DailyFx | Updated August 12, 2014 AAA

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USD/CHF Consolidates at Channel Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“If a major low is in place in the rate then a low probably forms between .8800 and .8860. A low formed at .8955 on 7/1 and USDCHF put in a strong July. The rally from that low may be completing an impulse today (8/5), which raises the risk of consolidation between the current level and .9040 (former high).”

-Use .9032 as the pivot. As long as price is above that level, look towards .9156 (YTD high).

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

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