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Swiss Franc 20 day Average Proves its Worth

Swiss Franc 20 day Average Proves its Worth

2011-12-08 17:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, Swiss Franc 20 day Average Proves its Worth

Prepared by Jamie Saettele, CMT

The USDCHF is at long term resistance from “the channel that extends off of the 2009 and 2011 lows (with the parallel extending from the 2010 high). This channel resistance is reinforced by pivots (both support and resistance) from December 2010 to April 2011.” This is clearly an important long term level, which would make a break above even more impressive. Until that break, beware of a turn lower.

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