300 Minute Bars

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Prepared by Jamie Saettele, CMT

"The USDCHF has plummeted to fresh record lows and reached an area that is defined by a 7 year trendline and 3 long term Fibonacci extensions (extended off of the 2005-2008, 2008-2009, and 2010 declines)." This level has been broken and the USDCHF has now reached the 161.8% extension of the move from the July high, at 7553. Only a break above the channel (7750) would suggest that a low is in place.