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Swiss Franc Reversal Expected Following Triangle Breakout

Swiss Franc Reversal Expected Following Triangle Breakout

2011-08-26 16:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Reversal Expected Following Triangle Breakout

Prepared by Jamie Saettele, CMT

The USDCHF has thrusted higher from its triangle and reached the trendline that extends off of the February, May and July highs. Expectations are for a top and reversal from close to current levels. Former congestion extends to 8272, which is the 7/1 low and 7/22 high.

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Trend Strength (M,W,D) – (3), (2), 0

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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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