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USDCHF Bull Market Underpinnings

USDCHF Bull Market Underpinnings

2012-03-22 22:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Bull Market Underpinnings

Prepared by Jamie Saettele, CMT

The USDCHF decline from the 3/15 high (9334) has stalled at the 20 day average / 2/9 low / 61.8% retracement of the rally from 8931 (9085). The inability of bears to penetrate this level combined with the fact that the month to date low occurred on the first day of the month is bullish. Near term focus remains on 9200.

Bottom Line (next 5 days) – sideways / higher

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