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USD/CHF Dips; Support Estimated from .9380 to .9410

USD/CHF Dips; Support Estimated from .9380 to .9410

2013-07-03 17:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Dips; Support Estimated from .9380 to .9410

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Bigger picture – “the USDCHF rallied for 22 weeks off of the 2011 low (8/12/11 to 1/13/12) and has traded sideways for the last 73 weeks. Consolidation has lasted 3.3 times (73/22) longer than the previous trend. The recent low was registered at the trendline that extends off of the October 2011 and 2013 lows and just 8 pips below the open for the year. The USDCHF has made important lows since 2012 in a fashion similar to what is happening now. That is, price has dropped sharply into the lows and made an inside week the next week.” Near term, the move up is getting stretched and nearing resistance from the 61.8% retracement of the move down at .9567 and the 5/10 large volume close at .9571. Estimated near term support is .9380-.9410

FOREXTrading Strategy: Long, stop moved up to .9440, target is .9565. If .9440 is taken out then look for a low between .9380 and .9410 to position long against .9310.

LEVELS: .9380 .9410 .9442 .9512 .9571 .9606

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