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Swiss Franc December Pivot at 9176 is of Interest

Swiss Franc December Pivot at 9176 is of Interest

2012-01-26 23:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc December Pivot at 9176 is of Interest

Prepared by Jamie Saettele, CMT

The USDCHF slid just below the 12/8 pivot (9176) before closing near its high today. The near term pattern is an inverse of the EURUSD so one should treat the decline from 9379 as a diagonal. A wave iv rally will probably test 9235/70 before one final drop (under 9155). A Fibonacci confluence at 9105/10 may produce the low (100% extension of 9574-9306 decline and 161.8% extension of 9379-9234 decline). The December low at 9065 is also of interest.

Bottom Line – flat

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