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Swiss Franc Technical Outlook

Monday, 28 July 2008 13:37:00 GMT

Written by Jamie Saettele, Currency Analyst

A major reason that we have switched to a generally USD bullish bias is the USDCHF.  The pair has broken above a channel that has held since early May. 

Under this count, the 3 wave rally from .9647 was wave W in a complex correction.  The choppy decline from above 1.06 serves as wave X and wave Y is underway now.  As mentioned, expect the advance to reach 1.10 (former 4th wave).  Look for support beginning at former resistance from 1.0260.

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