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Swiss Franc Trade Opportunity against 9084

Swiss Franc Trade Opportunity against 9084

2011-10-24 15:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Trade Opportunity against 9084

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. Zooming in, the rally from 8880 consists of 3 waves so a drop below that level should be respected. Focus would shift to 8640.” 8880 gave way so look lower. 8950 is resistance and the downside is favored against 9084.

Trend Strength (M,W,D) – 0, 0, (1)

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