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USD/CHF Rallying Impulsively; Looking to Buy a Dip

USD/CHF Rallying Impulsively; Looking to Buy a Dip

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Rallying Impulsively; Looking to Buy a Dip

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: Price has held the trendline that extends off of the October 2011, February 2013, and June 2013 lows. If the line fails to hold, then the June low at .9130 is at risk (year open is .9138). An intraday plot of the turn higher reveals an impulsive advance. Combined with the trendline response, there is enough information to turn bullish on a dip. Support is .9200/30.

FOREXTrading Strategy: Will look to identify the end of a corrective decline this week.

LEVELS: .9174 .9200 .9230 .9295 .9330 .9365

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

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