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USDCHF Secondary Low Likely in Place

USDCHF Secondary Low Likely in Place

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Secondary Low Likely in Place

Prepared by Jamie Saettele, CMT

“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). 9135 is the pivot and a dip below 9015 (and test of 9000) may complete the decline.” The drop to 9000 appears to have completed the correction. Look higher. 9180 and 9250 are short term resistance levels but a break above 9334 is expected in the coming weeks.

Bottom Line (next 5 days) – higher

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