Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-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