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Swiss Franc Significant Short Term Pattern

Swiss Franc Significant Short Term Pattern

2011-05-16 15:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Significant Short Term Pattern

Prepared by Jamie Saettele, CMT

The USDCHF reversed just shy of its 100% extension near 8950. A close look at the rally from the low however reveals a 5 wave structure, which may compose the first leg of a larger bull move. Over the next several weeks, the USDCHF will probably work lower into the Fibonacci zone of 8772-8688 before finding a secondary low.

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

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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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