Swiss Franc Reversing at Major 8900 Figure
Prepared by Jamie Saettele, CMT
Recent comments were that “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.” Having reversed at the figure yesterday, there is now potential for weakness. Initial support is 8550.
Trend Strength (M,W,D) – (3), (1), 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 firstname.lastname@example.org.
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