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Swiss Franc Near Term Objectives at 8950 and 9100

Swiss Franc Near Term Objectives at 8950 and 9100

2011-05-11 16:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Near Term Objectives at 8950 and 9100

Prepared by Jamie Saettele, CMT

I wrote yesterday that “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.” With the USDCHF well above 8707, look higher towards the 100% extension at 8953 and the 161.8% extension at 9106. The latter level intersects with parallel channel resistance on May 16th. Price ideally stays above 8707 now.

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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