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Swiss Franc 8900 a Level of Interest

Swiss Franc 8900 a Level of Interest

2011-05-09 14:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc 8900 a Level of Interest

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. Any weakness should find support at 8646/75 (61.8% and 50% retracements). Resistance going forward now is 8896 (former support), and 9014 (4/20 high).

Support/Resistance Index (M,W,D) – 0, 0, 3

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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 jsaettele@dailyfx.com.

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