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USDCHF hit a new low in this week, but it is now again reversing from this low. This  could be the start of some larger and important turning point.

Notice that we are tracking a corrective decline from 0.9750 which is actually part of a much bigger contra-trend move on a daily chart where we are tracking a triangle within larger uptrend.

As such, we are ready on a bullish move on USDCHF, but would have to see further strength from here and through the upper falling channel line, as well as 0.9394 level to make sure that the lows are in.

The reading on the RSI is also interesting, where prices reversed from its own trend-line and suggests higher reading as we move forward.

USDCHF 4h chart

usdchfd  aug 22 2013 4h Elliott Wave Analysis technical trading

USDCHF Daily chart

4492usdchf_aug_18_2013_daily chart Elliott Wave analysis August 22 2013