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Swiss Franc Working Towards 2011 High

Swiss Franc Working Towards 2011 High

2011-12-13 16:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Working Towards 2011 High

Prepared by Jamie Saettele, CMT

I wrote last week that “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. This is clearly an important long term level, which would make a break above even more impressive.” Price has indeed broken through and focus is on round figure resistance at 9500 and the January (and 2011) high at 9784.

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