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US Dollar / Swiss Franc

US Dollar / Swiss Franc

2010-07-29 15:16:00
Tim Shea,
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60 Minute Bars

eliottWaves_usd-chf_body_100730_081741_CQG_IC_Screen.png, US Dollar / Swiss Franc

Prepared by Jamie Saettele

Longer term “it remains possible that the rally from 9916 is the first wave of a longer term bull (diagonal with an extended 5th wave). That would also explain the severity of the decline from 11735. Extended 5th waves are often fully retraced (as has been the case here). Daily RSI was recently at its lowest level since November 2007 (the USDCHF bottomed on November 23rd and was 800 pips higher a month later).” I wrote yesterday that “the rally is just 3 waves, leaving the USDCHF vulnerable.” This latest plunge may lead to a final low.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosseson 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 jsaettele@dailyfx.com.

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