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Swiss Franc Reaches Fibonacci Level at 7550 – Channel Defines Trend

Swiss Franc Reaches Fibonacci Level at 7550 – Channel Defines Trend

2011-08-08 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-chf_2_body_usdchf.png, Swiss Franc Reaches Fibonacci Level at 7550 – Channel Defines Trend

Prepared by Jamie Saettele, CMT

“The USDCHF has plummeted to fresh record lows and reached an area that is defined by a 7 year trendline and 3 long term Fibonacci extensions (extended off of the 2005-2008, 2008-2009, and 2010 declines).” This level has been broken and the USDCHF has now reached the 161.8% extension of the move from the July high, at 7553. Only a break above the channel (7750) would suggest that a low is in place.

Trend Strength (M,W,D) – (3), (3), (2)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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