Swiss Franc at 50 Day Average
240 Minute Bars
Prepared by Jamie Saettele
The strong USDCHF rally inspires confidence in the bullish count. Price has rallied to exceed both its 20 and 50 day averages and focus is now on former pivots at 9684 and the January high of 9784. There are several near term interpretations of wave structure with one count suggesting a sizeable setback (above) before a resumption of strength. 9455-9523 is the support zone. However, with the EURUSD appearing as though it is closer to a top than a bottom – do not dismiss the potential for strength from the current level.
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