Okay,
Yesterday (July 6) it appears the Dollar/Swiss printed a Gartley.
Drawn from the 6/24 SNB intervention highs at around 110.20,
w/ retest on 06/25 at around the same level where resistance kicked in,
to the July 1st low at 10705, the .786 came in at 10954 on the dot.
10954 was also a 1.618 extension of the July 2nd high @ 10860 and
the 1.272 extension on the July 3rd high at 10900.
SO......
Unless and or until the 110 level is decisively broken and closed above,
the much anticipated continuation of the US dollar rally, atleast as far as
the swissy is concerned, may need to do a bit more technical work yet.
Would also lend itself to the presumption that the US Dollar in general needs to
also do a bit more base building before challengeing it's 100/200 Daily SMA levels
(8280/~8400 respectively, basis the DX)
Also, it is conceivable that the other majors could defy such tendencies, but it's unlikely.
With the exception of the Yen, which does what ever it wants to, the other majors
will likely need more news, more fundies, more of something in order to break lower at this time.
So, that could be temporarily supportive of the Euro and Pound until we get that "something".
Sometimes, the Swiss is in a world all it's own. Right now, in the heat of the summer,
it's pretty much bunched up with the rest of the lot.
We're all quite aware that the Euro/Swiss and the Pound/Swiss rates are far more important to SNB
than what the Dollar Swiss might be doing at a given moment. 150 euro swiss is very important to SNB
and it seems that rates between 170 and 180 basis sterling receives a great deal of attention too.
But for now, I'm looking at the USD and here are some pics, digitally transfered from oil canvass, of course:
Yesterday (July 6) it appears the Dollar/Swiss printed a Gartley.
Drawn from the 6/24 SNB intervention highs at around 110.20,
w/ retest on 06/25 at around the same level where resistance kicked in,
to the July 1st low at 10705, the .786 came in at 10954 on the dot.
10954 was also a 1.618 extension of the July 2nd high @ 10860 and
the 1.272 extension on the July 3rd high at 10900.
SO......
Unless and or until the 110 level is decisively broken and closed above,
the much anticipated continuation of the US dollar rally, atleast as far as
the swissy is concerned, may need to do a bit more technical work yet.
Would also lend itself to the presumption that the US Dollar in general needs to
also do a bit more base building before challengeing it's 100/200 Daily SMA levels
(8280/~8400 respectively, basis the DX)
Also, it is conceivable that the other majors could defy such tendencies, but it's unlikely.
With the exception of the Yen, which does what ever it wants to, the other majors
will likely need more news, more fundies, more of something in order to break lower at this time.
So, that could be temporarily supportive of the Euro and Pound until we get that "something".
Sometimes, the Swiss is in a world all it's own. Right now, in the heat of the summer,
it's pretty much bunched up with the rest of the lot.
We're all quite aware that the Euro/Swiss and the Pound/Swiss rates are far more important to SNB
than what the Dollar Swiss might be doing at a given moment. 150 euro swiss is very important to SNB
and it seems that rates between 170 and 180 basis sterling receives a great deal of attention too.
But for now, I'm looking at the USD and here are some pics, digitally transfered from oil canvass, of course:
Attached Image(s) (click to enlarge)
