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. .9500 continues to act as resistance near term. Like the EURUSD, near term pattern isn’t clear BUT I’ll note that the drop from .9491 (3/19 high) is in 3 waves. A 3 wave move into a price extreme (in this case a low) is often a ‘tell’ that the move in question is a B wave, thus making the rally from .9350 a C wave (and terminal).
FOREXTrading Strategy: Flat
LEVELS: .9279 .9350 .9433 .9490 .9566 .9608