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Swiss Franc Pivot Moved to 9164

Swiss Franc Pivot Moved to 9164

2011-12-06 16:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Pivot Moved to 9164

Prepared by Jamie Saettele, CMT

The USDCHF is at long term resistance from “the 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 9164.

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