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Swiss Franc Reaches 9040 Pivot – 9120 Would be Next

Swiss Franc Reaches 9040 Pivot – 9120 Would be Next

2011-10-18 15:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Reaches 9040 Pivot – 9120 Would be Next

Prepared by Jamie Saettele, CMT

Bigger picture, the USDCHF rally from the August low has that 5 wave look. While each wave might not be ‘perfect’ in its individual construction, the point is that a countertrend move should be expected. Perhaps the decline from 9314 is the first leg of a larger correction – initial resistance has been met at 9040 and additional strength would target 9120.

Trend Strength (M,W,D) – 0, 0, 0

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