Swiss Franc Reaches Triangle Objective – 8275 Would be Next Level
300 Minute Bars
Prepared by Jamie Saettele, CMT
The USDCHF has thrusted higher from its triangle and nearly reached the triangle breakout objective of 8243. This level is found by extending width of wave a of the triangle (7996-7769) from the breakout level (8016). Expectations are for a top and reversal, especially now that the rally following the triangle is in 5 waves (from red line). The 8275 level (June low and mid July pivot) is expected to provide resistance if reached.
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Trend Strength (M,W,D) – (3), 0, 1
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 email@example.com.
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