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USD/CHF above .9080 Could Trigger 100 Point Rally

USD/CHF above .9080 Could Trigger 100 Point Rally

2013-10-08 23:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_usd-chf_body_usdchf.png, USD/CHF above .9080 Could Trigger 100 Point Rally

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The line that extends off of the 2012 and February lows was broken last week. The underside of this level was resistance on Friday.

-Levels to pay attention to if the floor opens up…the 2012 low at .8930, 38.2% of the rally from 2011 low at .8862, and the October 2011 low at .8567.

-Exceeding .9080 would confirm a short term low and target a measured move to .9196.

Trading Strategy: Price is vulnerable below .9080. Above there would shift focus to .9145-.9214.

LEVELS: .8862 .8930 .8993 | .9080 .9145 .9175

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

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