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Tuesday, April 10, 2012

Elliott wave and technical analysis on USD/JPY; CHF/USD and GBP/USD

 USD/JPY - Is closing in on its target-area. I expected the correction from 84.17 to end in the upper part of this correction area likely just below 81, but it could stretch down closer to 80 before wave 4 is done and the next rally towards 85.50 is seen.

CHF/USD - seems to have ended its correction from 95.48 at 89.27. A break above resistance at 92.25 and more importantly 93.35 will confirm that the next rally higher have begun for a move close to the 114 area.


GBP/USD - Here too it seems as we are ready to the next powerful decline to the downside. I'm looking for a break below neckline support near 158.10 to confirm that the next decline have begun for a move below 156.00 and 152.30 longer term.

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