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Swiss Franc RSI Positive Reversal Signal

Swiss Franc RSI Positive Reversal Signal

2011-09-30 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc RSI Positive Reversal Signal

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. I wrote yesterday that “regardless of the larger trend, a move back to 9020/80 is expected.” The morning high is 9084 and I am not giving up on the larger bullish bias just yet. An RSI positive reversal signal on the 300 minute and price holding above its short term trendline warrant a more bullish view against 8915. Upside objectives are 9300 and 9400.

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 and follow hom on Twitter @JamieSaettele.

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