USD/CHF Rams into Channel Resistance and Late August Low

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eliottWaves_usd-chf_body_usdchf.png, USD/CHF Rams into Channel Resistance and Late August Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDCHF traded into late August lows and failed. The level is reinforced by short term channel resistance (upward sloping).

-The line that extends off of the July and September highs may come into play as resistance later this week. The line crosses about .9264 on Wednesday and decreases 7 pips per day.

Trading Strategy: Like the EURUSD, there isn’t much to do right now.

LEVELS: .9063 .9090 .9130 | .9177 .9214 .9270

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