Swiss Franc Reaches Fibonacci and Structural Level
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.” 8640 has been reached and failed as support thus far. Focus is now on 8550 (support in May, resistance in July).
Trend Strength (M,W,D) – 0, 0, (1)
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