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FOREX Technical Analysis: USD/CHF Reverses but Pattern Remains Constructive

By , Sr. Technical Strategist
29 November 2012 01:38 GMT

Daily Bars

FOREX_Technical_Analysis_USDCHF_Reverses_but_Pattern_Remains_Constructive_body_usdchf.png, FOREX Technical Analysis: USD/CHF Reverses but Pattern Remains Constructive

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Continue to look higher, despite the reversal at resistance today. In fact, action from Tuesday’s low may compose waves A and B or 1 and 2 of the next bull leg. “The USDCHF is at the final defined level (10/5 and 10/31 lows) before the October low. In other words, if price doesn’t hold here, then there is nothing to stop a test of the October low. The outside day and impulsive rally from 9253 warrants at least a near term bullish bias.”

FOREXTrading Strategy: I am bullish now against 9252.

LEVELS: 9213 9249 9283 9350 9412 9473

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29 November 2012 01:38 GMT