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USD/CHF Rebounds from .8900; Good Place for a Low to Form

USD/CHF Rebounds from .8900; Good Place for a Low to Form

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Rebounds from .8900; Good Place for a Low to Form

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 November 2011. The advance from the 12/27 low is impulsive (5 waves). As such, it’s possible that an important low is in place.

-The rejection at former lows (June and August lows) has given way to a larger dip. The rate does continue to hold the top side of the former resistance line so a secondary low may be in place.

LEVELS: .8859 .8900 .8939 | .8986 .9030 .9099

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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

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