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Swiss Franc Fibonacci Extension at 7553

Swiss Franc Fibonacci Extension at 7553

2011-08-03 14:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Fibonacci Extension at 7553

Prepared by Jamie Saettele, CMT

“The USDCHF has plummeted to fresh record lows and reached an area that is defined by a 7 year trendline and 3 long term Fibonacci extensions (extended off of the 2005-2008, 2008-2009, and 2010 declines).” The train keeps rolling and the next objective is the 161.8% extension of the move from the July high, at 7553. Watch the short term channel for support as well. Resistance is defined by the channel and former the congestion around 7850.

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

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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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