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Swiss Franc New Record – Watch Trendline Near 7900

Swiss Franc New Record – Watch Trendline Near 7900

2011-07-27 15:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc New Record – Watch Trendline Near 7900

Prepared by Jamie Saettele, CMT

Every USDCHF rally since the beginning of 2011 has been met with heavy selling. This latest advance proved quite shallow (to this point at least) as price only reached the 10 day average before turning down. Focus is now on the line that extends off of the lows dating to March. This line is now near 7900.

Trend Strength (M,W,D) – (3), (2), (2)

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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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