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Swiss Franc Short Term Pattern Implications

Swiss Franc Short Term Pattern Implications

2011-03-29 15:14:00
Jsaettele,
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60 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Short Term Pattern Implications

Prepared by Jamie Saettele

The USDCHF continues to hold above last week’s low and price has exceeded former support at 9200. The extent of the USDCHF rally in both price and time requires that we more seriously consider the upside. I’ve laid out a short term possibility on the chart above. Exceeding 9233 would compose 5 waves from 8977 (wave iii of 3) and give scope to consolidation / pullback in wave iv of 3. Resistance following 9233 is 9270 (former support).

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