Swiss Franc Reverses Shy of Channel and Objective
300 Minute Bars
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.” After 8880 gave way, USDCHF weakness did extend but failed prior to the short term channel support and 8650. A tag of these levels cannot be ruled out of course. Stand aside for now.
Trend Strength (M,W,D) – 0, 0, (1)
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.