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Swiss Franc Testing Multiple Trendlines

Swiss Franc Testing Multiple Trendlines

2011-09-27 15:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Testing Multiple Trendlines

Prepared by Jamie Saettele, CMT

A look at the USDCHF weekly reveals parallel channel resistance intersecting with the 50% retracement and former pivots at 9300-9400 in late October-early November. Near term support is expected in the 8930-9000 (now) area with a drop below 8754 negating upside potential.

Trend Strength (M,W,D) – (3), 1, 1

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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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