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USDCHF Technicals for July 13th

USDCHF Technicals for July 13th

2010-07-13 14:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-07-13-CHF

The USDCHF has declined beneath the 61.8% retracement of the advance from 9916. It remains possible that the rally from 9916 is the first wave of a longer term bull (diagonal with an extended 5th wave). That would also explain the severity of the decline from 11735. Extended 5th waves are often fully retraced. The former 4th wave extreme at 10430 would be strong support (if reached). Daily RSI was recently at its lowest level since November 2007 (the USDCHF bottomed on November 23rd and was 800 pips higher a month later).

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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