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Swiss Franc at 61.8% Retracement

Swiss Franc at 61.8% Retracement

2011-02-17 16:00:00
Jsaettele,
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240 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc at 61.8% Retracement

Prepared by Jamie Saettele

I wrote yesterday that “alternate counts are bullish but to a lesser extent, allowing for a drop below 9550 before the next leg up takes place. In the event of a drop below 9550, 9500 (61.8% retracement) becomes support.” The USDCHF has plunged through the 61.8% retracement but the bullish count remains, especially with the structure of the decline in 3 waves. I expect a low.

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