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Swiss Franc at 20 day Average-Nearing Multi Month Trendline

Swiss Franc at 20 day Average-Nearing Multi Month Trendline

2012-01-12 19:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc at 20 day Average-Nearing Multi Month Trendline

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).” The acceleration lower today bodes well for the larger reversal scenario although price has found support from the 20 day average. Several trendlines loom for bears to fight through as well. Resistance for Friday is 9465/80 and risk on shorts can be moved to today’s high.

Bottom Line – sell rallies into 9465/80, stop 9570, targets 9370, 9250

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