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Swiss Franc Volatile Range – 8325/60 a Level of Interest

Swiss Franc Volatile Range – 8325/60 a Level of Interest

2011-07-08 13:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Volatile Range – 8325/60 a Level of Interest

Prepared by Jamie Saettele, CMT

After appearing on the verge of a breakout above 8550 before NFP, the USDCHF has plummeted and focus is now on 8325/60. A larger bottoming formation remains possible (in fact favored) and a dip into the aforementioned zone would present an opportunity. 8420 and 8465 is short term resistance.

Trend Strength (M,W,D) – (3), (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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