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Swiss Franc Corrective Move Complete at 9263

Swiss Franc Corrective Move Complete at 9263

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Corrective Move Complete at 9263

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.” I wrote last week that “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…” This was on example today when the USDCHF traded above its 2/1 high and the EURUSD failed to trade below its 2/1 low.

Bottom Line – flat

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