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Swiss Franc Pattern Suggestive of Larger Turn

Swiss Franc Pattern Suggestive of Larger Turn

2011-09-29 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc Pattern Suggestive of Larger Turn

Prepared by Jamie Saettele, CMT

Recent weakness in the USDCHF may be the beginning of a larger decline as the drop can be counted as an impulse. While not the cleanest of impulses (5 waves), the construction is valid. Support extends to 8885. Regardless of the larger trend, a move back to 9020/80 is expected.

Trend Strength (M,W,D) – (3), 1, 1

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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 and follow hom on Twitter @JamieSaettele.

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