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USDCHF Triangle Break Objectives at 9557 and 9414

USDCHF Triangle Break Objectives at 9557 and 9414

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Triangle Break Objectives at 9557 and 9414

Prepared by Jamie Saettele, CMT

The USDCHF thrust lower, although unexpected, probably composes wave C within an A-B-C decline from the July high (9971). The move likely extends a bit lower. 2 objectives are derived from traditional techniques (subtracting width of triangle to final pivot within triangle and breakout level); 9557 and 9414. Interestingly, these levels coincide with former pivots from early July (9563) and the former 4th wave of one less degree (9420). In other words, look lower over the next several days into a low.

LEVELS: 9500 9563 9604 9645 9670 9700

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