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Swiss Franc at 50 Day Average

Swiss Franc at 50 Day Average

2011-02-09 15:48:00
Jsaettele,
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240 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc at 50 Day Average

Prepared by Jamie Saettele

The strong USDCHF rally inspires confidence in the bullish count. Price has rallied to exceed both its 20 and 50 day averages and focus is now on former pivots at 9684 and the January high of 9784. There are several near term interpretations of wave structure with one count suggesting a sizeable setback (above) before a resumption of strength. 9455-9523 is the support zone. However, with the EURUSD appearing as though it is closer to a top than a bottom – do not dismiss the potential for strength from the current level.

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