US Dollar / Swiss Franc 05-18
I wrote Friday that “the USDCHF is probably closing in on a top that would last for several weeks. 11382-11425 is a target zone (Fibonacci extensions). This zone intersects with the channel top on Monday afternoon (intraweek seasonality indicates that price extremes for the week tend to be made on Mondays). In other words, we may get an exhaustion move into a high on Monday.” One more high cannot be ruled out but the combination of Fibonacci and channel resistance is strong and a multi week reaction lower is becoming more likely.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to firstname.lastname@example.org.
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