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USD/CHF Looking for Higher Low

By , Sr. Technical Strategist
05 August 2013 21:46 GMT

4Hour

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Looking for Higher Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The pattern is the exact inverse of the EURUSD (A-B-C decline with wave C as a diagonal). If the interpretation is correct, then the wave C diagonal (from .9533) will probably be retraced quickly.” The rally from .9227 is impulsive and suggests that the trend has turned up. The deep pullback found low at the top side of the C wave resistance line on Friday. The line might come into play again. .9260 is estimated support above the low.

FOREXTrading Strategy: Long, stop .9220, target half at .9365

LEVELS: .9179 .9227 .9260 .9365 .9403 .9477

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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05 August 2013 21:46 GMT