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USD/CHF Breaks Through 2nd Trendline; Still Capped by ST Channel

USD/CHF Breaks Through 2nd Trendline; Still Capped by ST Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Breaks Through 2nd Trendline; Still Capped by ST Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Continued responses from .9170 are impressive in USDCHF. The 8/8 low was .9174. The 8/20 low was .9146 but priced closed at .9173 that day. The low for the last 2 days was .9170. The market remains capped at by the 20 day average for now (just as the EURUSD and GBPUSD are supported by their respective 20 day averages).” Price broke through the 20 day average and the line that extends off of the July and August highs. The top side of this line is now possible support. Price is currently capped by a short term channel.

FOREXTrading Strategy: Want to be long on swing basis…see how month end plays out and start September fresh.

LEVELS: .9173 .9234 .9281 .9396 .9477 .9519

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

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