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Swiss Franc Retracs Entire Move

Swiss Franc Retracs Entire Move

2011-02-23 16:18:00
Jsaettele,
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Weekly Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Retracs Entire Move

Prepared by Jamie Saettele

The USDCHF 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. The USDCHF has nearly retraced its entire advance from the 9300 so clearly downside pressures remain. Given the Fibonacci measurement and long term trendline, I will not turn bearish but it is difficult to be bullish if price cannot hold a base.

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