Swiss Franc Working Towards Triangle Base at 7768
300 Minute Bars
Prepared by Jamie Saettele, CMT
“Focus in recent days has been on the terminal thrust from the triangle, suggesting that a reversal is around the corner. Furthermore, the USDCHF had 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). Now that the USDCHF has indeed reversed, continue to look lower over the next few weeks towards the base of the triangle near 7770.” Near term resistance is 7925/60 and 7990.
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Trend Strength (M,W,D) – (3), 0, 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 email@example.com.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.