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USD/CHF Double Inside Day; Pullback is Possible

USD/CHF Double Inside Day; Pullback is Possible

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_usdchf.png, USD/CHF Double Inside Day; Pullback is Possible

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-The USDCHF is above the line that extends off of the Jul and Sep highs. At this point, both the EURUSD and USDCHF have traded through their Oct price extremes. The trend has changed.

-The 9/13 close remains uncovered at .9289. We saw how USDJPY and EURUSD responded to previously uncovered closes today so keep this level in mind.

Trading Strategy: .9090-.9150 was identified as the ideal pullback area. We have reached the upper end of that zone. The top side of the line that extends off of the July and Sep highs crosses .9130 on Wednesday and decreases about 7 pips per day. Watch for support at that line.

LEVELS: .9044 .9091 .9151 | .9200 .9249 .9278

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

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