Swiss Franc Former Support acts as Resistance (USDCHF)
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.” The countertrend decline is well underway and a head and shoulders objective rests at 8465. A Fibonacci extension at 8388 and former resistance at 8240 are also of interest. Support last week at 8728 (along with the 200 day average) is resistance.
Trend Strength (M,W,D) – 0, 0, (1)
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