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Dollar Rally Fails Before 50 Day Average against Franc

Dollar Rally Fails Before 50 Day Average against Franc

2012-02-16 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Dollar Rally Fails Before 50 Day Average against Franc

Prepared by Jamie Saettele, CMT

The sharp reversal just under the 50 day average suggests that the break above the 2/6 high is false and that new lows (below 9088) are around the corner. 9220 and 9245 are near term resistance. The 100% extension at 8794 (200 day average near there) is the objective.

Bottom Line – flat

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