Swiss Franc 9465 Defines Trend Direction
60 Minute Bars
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.