USD/CHF Rallying Impulsively; Looking to Buy a Dip
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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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.