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USDCHF Short Term Triangle Scenario

USDCHF Short Term Triangle Scenario

2012-08-20 20:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Short Term Triangle Scenario

Prepared by Jamie Saettele, CMT

The path in the USDCHF remains higher as long as price is above 9655. Why? Because the decline to that level is a clean 3 waves, which is corrective. A decline below 9655 would suggest that something more bearish is underway but we’ll deal with that if we need to. It is also possible that a triangle or flat is unfolding as wave 4 from 9971, in which case we likely see a run at the high (9971). In other words, there are multiple counts that point lower with price above 9655. 9857 and 9898 are of interest before the high and 9686 before the low. 240 minute RSI has been bouncing between 60 and 40, indicative of course of a sideways market.

LEVELS: 9600 9655 9696 9773 9809 9858

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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