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Swiss Franc Meets Resistance (USDCHF Support)

Swiss Franc Meets Resistance (USDCHF Support)

2011-03-31 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Meets Resistance (USDCHF Support)

Prepared by Jamie Saettele

The USDCHF rally from the low is constructive and unfolding in an impulsive (5 waves) manner. I wrote yesterday that “after reaching 9274, the USDCHF has pulled pack sharply this morning thus wave iv of 3 may be underway towards the 9125/60 area (Fibonacci). Watch Elliott channel support as well.” The USDCHF has reached the estimated support zone so be on the lookout for a low. Price needs to remain above 9089 (on an hourly closing basis) for this bullish count to remain valid.

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