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Swiss Franc Fails to Penetrate 9600

Swiss Franc Fails to Penetrate 9600

2012-01-16 17:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Fails to Penetrate 9600

Prepared by Jamie Saettele, CMT

A key reversal unfolded last 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). As long as price is below the 1/9 high (9595), I’ll maintain a bearish bias. Exceeding that level would shift focus to the 2011 high at 9784.

Bottom Line – short against 9600, target open

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