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USD/CHF Holding Top of .8910-.9000 Support Zone

USD/CHF Holding Top of .8910-.9000 Support Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Holding Top of .8910-.9000 Support Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-On 12/27, USDCHF spiked to its lowest level since Nov 2011. The advance from the 12/27 low is impulsive (5 waves). As such, it’s possible that an important low is in place.

-A corrective decline from the 2012 high may be complete. The topside of the just broken trendline (could be anywhere from .8910 to .9000) and 12/20 high is holding as support although .8910 is probably stronger support if reached.

Trading Bias: Flat

LEVELS: .8859 .8910 .8971 | .9026 .9075 .9111

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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

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