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Swiss Franc 9465 Defines Trend Direction

Swiss Franc 9465 Defines Trend Direction

2012-01-11 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc 9465 Defines Trend Direction

Prepared by Jamie Saettele, CMT

A key reversal unfolded Monday in the USDCHF (the last 2 daily key reversals were 12/15 and 10/6), which suggests that the USDCHF is vulnerable. A key reversal is just a warning but does offer high reward/risk opportunities. Risk on any shorts should be kept to Monday’s high (9595). From an Elliott wave perspective, price could make one more high to complete a diagonal before reversing (although the inability of price to make a new high today while the EURUSD did make a new low warns of truncation).

Bottom Line – flat

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