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USDCHF is Constructive against Monday Low

USDCHF is Constructive against Monday Low

2012-08-08 22:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF is Constructive against Monday Low

Prepared by Jamie Saettele, CMT

Yesterday’s comments were that “the USDCHF is struggling to clear 9655. RSI is having issues clearing 30 on the 240 minute chart, which is often a warning sign (for a turn higher). Viewed in the context of a 3 wave decline from 9971, price is constructive at the current level. Respect potential for a move back to 9770-9810.” Focus remains on 9770-9810 as long as price is above Monday’s low. Weakness below 9656 would shift focus to 9600/20. Bigger picture, daily RSI is basing at levels consistent with bullish resumption. Look higher towards at least 9770. Notice that the 4th wave label is moved out in time to allow for a more complex correction, probably as a triangle or flat, from 9971.

LEVELS: 9563 9600 9655 9741 9770 9830

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