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Swiss Franc Technical Outlook

Thursday, 21 February 2008 14:13:01 GMT

Written by Jamie Saettele, Currency Analyst

It is possible to count 5 wave up from 1.0728 to 1.1103.  An a-b-c decline to 1.0885 could be the first wave in a complex correction (W-X-Y).  Wave X then is underway now and is taking the form of a triangle.  A thrust lower (below 1.0885) would complete wave Y and larger wave B, which would set the stage for a C wave rally into 1.12/13.  We will watch for this pattern to resolve itself and look to buy the B wave low if given the chance.  

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