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USD/CHF Pressure Building for Big Move

USD/CHF Pressure Building for Big Move

2013-05-07 19:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Pressure Building for Big Move

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCHF rally from .9246 traced out 5 waves and the post NFP swings on Friday probably completed a 3 wave correction. Estimated resistance is .9468. Exceeding the trendline that extends off of the 2012 and 2013 highs could trigger a major breakout.

FOREXTrading Strategy: Long, stop .9300, target .9468 and open

LEVELS: .9271 .9309 .9367 .9468 .9526 .9566

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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