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Swiss Franc Stages Dramatic Reversal

Swiss Franc Stages Dramatic Reversal

2012-01-04 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Stages Dramatic Reversal

Prepared by Jamie Saettele, CMT

The USDCHF reversed sharply following the daily RSI dip to 50. The wild swings since the 12/15 high have me thinking that a triangle may be underway. If this is the case, then the next few weeks will probably produce tighter consolidation before price thrusts higher (above 9550) into a top. Resistance is 9470 and an extension at 9532. Supports for Thursday are 9380-9400.

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