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Swiss Franc Close to Retracing Entire Decline (USDCHF Rally)

Swiss Franc Close to Retracing Entire Decline (USDCHF Rally)

2011-02-22 15:57:00
Jsaettele,
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Weekly Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Close to Retracing Entire Decline (USDCHF Rally)

Prepared by Jamie Saettele

I maintain that “a major low was put in place in the final week of 2010.” The low, right at 9300, was just 50 pips below where the decline from 11730 would equal the decline from 12299. What’s more, the low occurred at a support line and was accompanied with RSI divergence. Based on long term wave structure, this rally from 9300 is probably a C wave and should be sharp. Trading above 9784 would bolster the bullish outlook and shift focus to the December high at 10065. A drop under 9300 would negate the bullish pattern and bias. .

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