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Swiss Franc Tests 20 day Average and Channel

Swiss Franc Tests 20 day Average and Channel

2011-12-20 15:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Tests 20 day Average and Channel

Prepared by Jamie Saettele, CMT

The USDCHF carved out a bearish key reversal last Thursday and the decline below 9295 negates the impulsive nature (no overlap) of the rally from 9064. A bounce from the current level, defended by channel support and the 20 day average, would present an opportunity to short against 9400 (Monday high). Resistance is 9325/50.

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