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Swiss Franc May Threaten November Pivot at 9065

Swiss Franc May Threaten November Pivot at 9065

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc May Threaten November Pivot at 9065

Prepared by Jamie Saettele, CMT

“The near term USDCHF pattern is the inverse as the EURUSD. That is, the rally from the low is in 3 waves to this point which is corrective and leaves price vulnerable to additional losses towards the 11/30 low at 9065.” Only a move above 9250 would suggest that a larger rally is underway towards 9400. One may wish to watch the EURUSD and USDCHF closely as turns tend to occur when a price extreme is not confirmed by the other pair (for example, at the January USD top, the EURUSD was at a new low and the USDCHF was not at a new high).

Bottom Line – flat

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.