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USDCHF Focus Remains Higher

USDCHF Focus Remains Higher

2012-08-09 22:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Focus Remains Higher

Prepared by Jamie Saettele, CMT

The warning signs covered here in recent days such as the inside day on Tuesday at support and RSI failing to penetrate 30 on the 240 minute chart were prescient as the USDCHF continued higher today. Initial resistance at 9790, defined by the 20 day average, has produced a small reaction, but focus remains higher towards 9815 and 9890. Support for Friday is 9730/45. Bigger picture, daily RSI is basing at levels consistent with bullish resumption. The 4th wave label is moved out in time to allow for a more complex correction, probably a triangle or flat, from 9971.

LEVELS: 9700 9730 9745 9790 9815 9890

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