300 Minute Bars
Prepared by Jamie Saettele, CMT
Focus in recent days has been on the terminal thrust from the triangle, suggesting that a reversal is around the corner. Furthermore, the USDCHF had nearly reached the triangle breakout objective of 8243. This level is found by extending width of wave a of the triangle (7996-7769) from the breakout level (8016). Now that the USDCHF has indeed reversed, continue to look lower over the next few weeks towards the base of the triangle near 7770. Near term resistance is 7925/60 and 7990.