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Swiss Franc Short Term Pattern is Clear

Swiss Franc Short Term Pattern is Clear

2011-05-10 15:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Short Term Pattern is Clear

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. Small wave 2 (or b) may be complete at 8707. The alternate treats the pattern from 8796 as a flat in which a drop below 8707 would complete the correction. Both patterns are bullish against the low (8550).

Support/Resistance Index (M,W,D) – 0, 0, 2

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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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