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Swiss Franc Technical Outlook
Friday, 22 February 2008 14:12:39 GMT  |  Jamie Saettele, Currency Analyst
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02-22-08techs5 

For the first time in months, we are taking a strong directional stand on the USDCHF.  “It is possible to count 5 wave up from 1.0728 to 1.1103.  An a-b-c decline to 1.0885 could be the first wave in a complex correction (W-X-Y).  Wave X then is underway now and is taking the form of a triangle.  A thrust lower (below 1.0885) would complete wave Y and larger wave B, which would set the stage for a C wave rally into 1.12/13.”  That C wave rally may in its early stages now.  Support should be strong near 1.0800/26 (Fibo levels) if price does slip lower still.

 

STRATEGY: Bullish, against 1.0728, target TBD (above 1.1103)

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