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Swiss Franc 8700-50 an Important Resistance (USDCHF Support) Zone

Swiss Franc 8700-50 an Important Resistance (USDCHF Support) Zone

2011-05-17 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc 8700-50 an Important Resistance (USDCHF Support) Zone

Prepared by Jamie Saettele, CMT

A close look at the USDCHF rally from the low reveals a 5 wave structure, which may compose the first leg of a larger bull move. Over the next several days to weeks, the USDCHF will probably work lower into 8700-8750before finding a secondary low (wave 2 or B low). 8702 is the 61.8% retracement of the advance from 8551 and 8749 the 50% retracement. 8735 is the 100% extension of the decline from 8945.

Support/Resistance Index (M,W,D) – 0, 1, 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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