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USDCHF Approaches Top of Resistance Zone

USDCHF Approaches Top of Resistance Zone

2012-08-06 20:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Approaches Top of Resistance Zone

Prepared by Jamie Saettele, CMT

The USDCHF correction continues to mature as the decline from 9971 is 35 pips shy of sporting 2 equal legs. The ‘easy’ part of the decline is probably complete and one should expect more 2 way action in the coming week(s). Respect potential for a move back to 9770-9800 in the short term. “Elliott wave guidelines state that wave 4 often alternates with wave 2 of the same degree with respect to character. In other words, if wave 2 is sharp and simple then expect wave 4 to be shallow and complex. Wave 2 (9334-9001) was sharp (retracing over 78.6% of wave 1) and simple (3 wave zigzag) thus we should expect wave 4 to be shallow and complex.”

LEVELS: 9563 9600 9655 9723 9770 9830

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