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USD/CHF Contends with January Low as Resistance

USD/CHF Contends with January Low as Resistance

2014-03-05 22:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-chf_body_Picture_4.png, USD/CHF Contends with January Low as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“USDCHF dropped to its lowest level since October 2011 on Friday. There is no chart support until the October 2011 low at .8567. However, the USDCHF low is NOT accompanied by a new high in EURUSD. This divergence has occurred at turning points in recent years.”

-Monday’s inside day raises the possibility that Friday was exhaustive and Tuesday’s follow through increases the likelihood that a low is in place. Look higher on balance but beware of resistance from former lows (first one at .8900).

LEVELS: .8793 .8817 .8843 | .8902 .8929 .8986

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

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