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USDCHF Resistance Remains 9870

USDCHF Resistance Remains 9870

2012-07-31 19:39:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Resistance Remains 9870

Prepared by Jamie Saettele, CMT

The anticipated reversal has materialized in the USDCHF and we can now focus on how far the decline is likely to extend. Elliott wave guidelines state that wave 4 often alternates with wave 2 of the same degree with respect to character. In other words, if wave 2 is sharp and simple then expect wave 4 to be shallow and complex. Wave 2 (9334-9001) was sharp (retracing over 78.6% of wave 1) and simple (3 wave zigzag) thus we should expect wave 4 to be shallow and complex. Shallow means a 38.2% retracement of wave 3, which comes in at 9600.” 9830/66 is resistance.

LEVELS: 9695 9740 9780 9833 9866 9912

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