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Swiss Franc Former Pivot Below 9100 Proves Strong

Swiss Franc Former Pivot Below 9100 Proves Strong

2011-12-01 17:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Former Pivot Below 9100 Proves Strong

Prepared by Jamie Saettele, CMT

My latest comments were that “the implications of the 3 wave decline are for strength above 9315 at minimum.” The USDCHF traded to 9329 last week before reversing course. More important is the long term channel that extends off of the 2009 and 2011 lows (with the parallel extending from the 2010 high). This channel resistance is reinforced by pivots (both support and resistance) from December 2010 to April 2011. The USDCHF has traded off of its high but support is strong just under 9100, which was resistance in October and support in November. Favor the upside as long as price is above 9064.

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