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Swiss Franc Previous Congestion of 8540-8625

Swiss Franc Previous Congestion of 8540-8625

2011-09-15 15:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Previous Congestion of 8540-8625

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.” Price reversed Monday at the confluence of the 200 day average and 100% extension of the rally from the August low. As long as the EURUSD holds up, the USDCHF is free to decline (EURCHF is the peg). Look lower towards 8540 near term.

Trend Strength (M,W,D) – (3), 2, 2

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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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