Swiss Franc Pattern Suggestive of Larger Turn
60 Minute Bars
Prepared by Jamie Saettele, CMT
Recent weakness in the USDCHF may be the beginning of a larger decline as the drop can be counted as an impulse. While not the cleanest of impulses (5 waves), the construction is valid. Support extends to 8885. Regardless of the larger trend, a move back to 9020/80 is expected.
Trend Strength (M,W,D) – (3), 1, 1
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 and follow hom on Twitter @JamieSaettele.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.