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Swiss Franc Digests Intervention Move

Swiss Franc Digests Intervention Move

2011-09-07 15:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Digests Intervention Move

Prepared by Jamie Saettele, CMT

Unfortunately, we were not long for the CHF intervention as 7710 was the lowest level that USDCHF reached. Going forward, a level that may attract price is the 100% extension of the rally from the August low at 8879 (reinforced by pivot levels in March and May). Near term support is around 8500.

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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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