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Swiss Franc Short Term Correction Possibly Complete

Swiss Franc Short Term Correction Possibly Complete

2011-05-19 14:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Short Term Correction Possibly Complete

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. At the moment, it is possible that the secondary low (either wave 2 or B) is in place at 8764 but confidence is low given the tendency for corrections to consume at least as much time as their preceding impulses. Support should be strong at the 61.8% retracement of 8702.

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

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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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