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USDCHF Key Reversal buy 9135 Still Key Level

USDCHF Key Reversal buy 9135 Still Key Level

2012-03-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Key Reversal buy 9135 Still Key Level

Prepared by Jamie Saettele, CMT

I wrote yesterday that “the break of the upward sloping channel indicates that the advance from 8931 is probably impulsive (rather than corrective) and that price is headed much higher in the coming weeks and months. Keep risk at 9135 and look for support on Thursday at 9250/75. Focus is on early January support at 9400 as well as the January high at 9595.” Of course, the USDCHF plunged today – sometimes that happens. In any case, the key level remains 9139. The pattern is the inverse of the EURUSD – a diagonal may be unfolding from 9070.

Bottom Line (next 5 days) – topping?

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