Swiss Franc Stabilizes – 7410 and 7490 are of Interest
60 Minute Bars
Prepared by Jamie Saettele, CMT
I wrote yesterday that “focus is on 7000 and the next Fibonacci confluence 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.” Resistance is now well defined by the 100% extension of the recent rally which is at 7409 and former support at 7487.
Trend Strength (M,W,D) – (3), (3), (3)
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 firstname.lastname@example.org.
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