Swiss Franc Opportunity at 8650/75
60 Minute Bars
Prepared by Jamie Saettele, CMT
Bigger picture, it appears that the decline from December 2010 is complete…at least temporarily. The near term trend is bullish as the advance from the low is a clean 5 wave affair. Look lower near term towards 8646/75 (61.8% and 50% retracements). A 2nd wave (or B wave) low should form in that zone.
Support/Resistance Index (M,W,D) – 0, (1), 2
Latest Video (market thoughts in lieu of video yesterday)
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to email@example.com.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.