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USDCHF Triangle Nearing Completion?

USDCHF Triangle Nearing Completion?

2012-05-03 23:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Triangle Nearing Completion?

Prepared by Jamie Saettele, CMT

The USDCHF is in the same position as the EURUSD. A bearish triangle should be considered at this point, especially since the trendline that extends off of the January and March highs has held. A drop under 8930 exposes 8760 and 8566. The spike into the 4/23 high and immediate reversal is typical action at the end of a triangle. The same could happen tomorrow closer to 9200/10 with NFP.

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