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USD/CHF Large Range Key Reversal; Wait for Follow Through

By , Sr. Technical Strategist
01 October 2013 22:32 GMT

Daily

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Large Range Key Reversal; Wait for Follow Through

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDCHF traded to the lowest since March 2012 before reversing and forming a key reversal. The day’s range was larger than the 20 day average range, which qualifies the reversal as ‘worth paying attention to’. Here are all such reversals this year.

-With reversal days, follow through is important. Failure to close higher tomorrow would warn that the reversal will fail.

Trading Strategy: Flat

LEVELS: .8900 .8933 .9009 | .9080 .9146 .9180

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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01 October 2013 22:32 GMT