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Swiss Franc Reverses after Triangle Base – 7990 of Interest

Swiss Franc Reverses after Triangle Base – 7990 of Interest

2011-09-05 13:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Reverses after Triangle Base – 7990 of Interest

Prepared by Jamie Saettele, CMT

The USDCHF has reached the base of the triangle and bounced. The longer term bias is to the upside as per the August key reversal so I’m on the lookout for a secondary low this month. The deeply oversold condition on the 60 minute chart suggests that price is vulnerable to one more low. The 50%-61.8% retracement (7510-7648) of the rally from 7062 is a level that may produce the low.

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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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