Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: “The USDCHF key reversal (and J-Spike, first bearish one since 6/1/12) occurred from just below the January 2012 high (which raises another possibility regarding major trend.” The USDCHF failure to make a new high (so far) and confirm the EURUSD low is common at reversals. Market turns are often elusive and one more high can’t be ruled out but price would face the 61.8% retracement of the decline from the 2012 high and January 2012 high (.9594-.9608).
FOREXTrading Strategy: To eliminate risk from shorting in the middle of a triangle (a possibility right now), prefer to short on print below .9378 towards.
LEVELS: .9257 .9338 .9379 .9491 .9566 .9608