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USDCHF Focus Remains Towards 9850

USDCHF Focus Remains Towards 9850

2012-08-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Focus Remains Towards 9850

Prepared by Jamie Saettele, CMT

Continue to look higher in the USDCHF as long as price is above 9655 (although Monday’s low at 9705 may have completed 3 waves down from 9809). Even if a triangle or flat is unfolding as wave 4, most of the trading from here would still take place at higher levels. Upside levels of interest if price continues higher from here are 9849 (100% extension of advance from the top) and 9898 (August high), although a push above 9971 is expected eventually in wave 5. Daily RSI holding at the previous swing low is encouraging for bulls.

LEVELS: 9697 9730 9750 9809 9858 9900

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