Swiss Franc Nears Former Pivot at 8039
Prepared by Jamie Saettele, CMT
The USDCHF rally is sharp as late shorts are getting pounded. Having already exceeded the 20 day average at 7800, the next levels of potential resistance are former support at 8039 and a trendline at about 8165 today (decreases roughly 15 pips per day). Coming under 7768 would shift focus to 7690 and 7510.
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Trend Strength (M,W,D) – (3), (3), 0
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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