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Swiss Franc Could See January 2011 High

Swiss Franc Could See January 2011 High

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Could See January 2011 High

Prepared by Jamie Saettele, CMT

I wrote yesterday that “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.” While a triangle is possible, today’s acceleration gives scope to continuation towards the January 2011 high of 9784. Like the EURUSD, watch the short term channel for support as well as 9500, 9480, and 9450.

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