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USDCHF 9135 is the Short Term Pivot this Week

USDCHF 9135 is the Short Term Pivot this Week

2012-03-27 00:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF 9135 is the Short Term Pivot this Week

Prepared by Jamie Saettele, CMT

The floor that was in place from the 20 day average / 2/9 low / 61.8% retracement of the rally from 8931 (9085) gave way Monday, which puts focus back on the February low at 8930. A drop below there would probably compose a C wave that extends towards 8567-8670 (10/24/2011 low and 100% extension of decline from January high). As is the case with the EURUSD, it is possible that the rally from 8930 and decline from 9334 composes waves 1 and 2 of the next larger bull leg but it is best to wait until next week before attempting longs (for the same reasons mentioned in the EURUSD commentary).

Bottom Line (next 5 days) – sideways/lower?

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