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Swiss Franc Hits Channel Resistance (USDCHF Support)

Swiss Franc Hits Channel Resistance (USDCHF Support)

2011-05-20 14:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Hits Channel Resistance (USDCHF Support)

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 8750. Additional weakness would target the 61.8% retracement at 8702.

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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