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Dollar Takes out February High against Franc

Dollar Takes out February High against Franc

2012-02-15 05:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Dollar Takes out February High against Franc

Prepared by Jamie Saettele, CMT

The USDCHF has taken out 9263, which shifts focus to the 50% and 61.8% retracements of the decline from the January high. Those levels are 9342 and 9401. The former is reinforced by the 50 day average and the latter the 1/13 low. Structurally, the rally is probably a B wave within an A-B-C decline from the January high. Support is 9200/30.

Bottom Line – flat

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