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Swiss Franc Still Soaring: 7500 and 7600 are USDCHF Resistance

Swiss Franc Still Soaring: 7500 and 7600 are USDCHF Resistance

2011-08-09 15:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Still Soaring: 7500 and 7600 are USDCHF Resistance

Prepared by Jamie Saettele, CMT

The USDCHF continues to trade to record lows nearly every session. Having broken through a confluence of Fibonacci extensions in the 7800 area, focus is on 7000 and the next Fibonacci confluence which is not until the 6400 area. Near term resistance is 75000 and 7600. Trading above 7600 would give scope to a larger rally to 7800.

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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