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Swiss Franc Tests 8750-Resistance (USDCHF Support) Extends to 8700

Swiss Franc Tests 8750-Resistance (USDCHF Support) Extends to 8700

2011-05-25 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 Tests 8750-Resistance (USDCHF Support) Extends to 8700

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. The test of 8750 presents an opportunity to start building a longer term long position against the May low. Additional support comes in at 8700 (61.8% retracement). Keep an eye on the short term channel as well. Bullish objectives are the 100% and 161.8% extensions at 9140 and 9384 (former pivots at 9201 and 9340 are also levels to keep an eye on).

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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