Swiss Franc Reaches 8900-Focus is on 8950
240 Minute Bars
Prepared by Jamie Saettele, CMT
The USDCHF has run into temporary resistance from former support at 8900. I expect the level to give way. 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 should stay above 8707 if the larger trend has turned up.
Support/Resistance Index (M,W,D) – 0, 2, 3
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 firstname.lastname@example.org.
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