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USD/CHF Breaks Trendline Support; Suggests Deeper Setback

USD/CHF Breaks Trendline Support; Suggests Deeper Setback

2013-04-04 23:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Breaks Trendline Support; Suggests Deeper Setback

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The drop below multi-month trendline support argues for at least a deeper setback with .9294 and .9229 of interest. I mention ‘at least’ because it’s also possible that a major top is in place (look at the weekly, which sports a potential year+ long head and shoulders top).

FOREXTrading Strategy: The trendline break is enough to turn bearish for at least .9294 (50% retracement).

LEVELS: .9279 .9350 .9435 .9566 .9608 .9690

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