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Swiss Franc Stalls at Former Support 8275

Swiss Franc Stalls at Former Support 8275

2011-07-20 15:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Stalls at Former Support 8275

Prepared by Jamie Saettele, CMT

I wrote Friday that “the USDCHF is closing in on its 2011 trendline. The trendline is at 8015 today. A look at short term wave structure suggests that new lows are around the corner. However, expect the drop to complete 5 waves down from the 8520 high and give way to a major reversal. The rally to 8520 completed a triangle and triangles precede the final move of a trend.” It is possible that a low is in place as the USDCHF has rebounded sharply after testing the 8081 low.

Trend Strength (M,W,D) – (3), (3), (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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