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Swiss Franc Remains Below (USDCHF above) 9200

Swiss Franc Remains Below (USDCHF above) 9200

2011-03-07 15:30:00
Jsaettele,
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60 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Remains Below (USDCHF above) 9200

Prepared by Jamie Saettele

Near term expectations are for the USDCHF to extend a bit lower in order to complete 5 waves down from 9775. The drop below 9233 probably composes wave 3 of the 5 wave decline and the bounce into the former 4th wave is small wave 4. A drop to a new low would complete the pattern and give scope to a reversal (watch the USDCHF for EURUSD timing). Watch round figures for support (9100, 9000, etc). Trading above 9330 would suggest that a low is in place.

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