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Swiss Trendline Below 8400

Swiss Trendline Below 8400

2011-05-30 15:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Trendline Below 8400

Prepared by Jamie Saettele, CMT

The USDCHF has broken down to a fresh record low and focus is on the support line that extends off of the March and May lows (below 8400). Keep in mind that the CHF is still a low yielding currency and that US yields appear to be forming a low. As such, I am on the lookout for opportunities to sell the JPY and CHF in early June (buy USDCHF and USDJPY).

Support/Resistance Index (M,W,D) – 0, (3), (6)

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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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