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USD/CHF Wipes Out; Gets Back Up at Trendline Top Side

USD/CHF Wipes Out; Gets Back Up at Trendline Top Side

2013-06-03 22:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Wipes Out; Gets Back Up at Trendline Top Side

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCHF has retraced half of the decline from the February low…that’s what happens when a market position gets crowded. Weakness was halted at the top side of the trendline that extends off of the 2012 and March 2013 highs.

FOREXTrading Strategy: This is a great level for a low to form but so too is the 61.8% at .9333, which is reinforced by the trendline off of the 2013 lows.

LEVELS: .9246 .9333/47.9400 .9511 .9618 .9650

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

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