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AUD/CHF Inside Down Channel

On the daily chart we can see that since the SNB black swan event the market has been moving inside a downward channel (see Figure 1)which can also be a diagonal, and based on the Elliott Wave we should see a 5 wave move inside the channel before the market to decide on it's direction. Currently we're in the stage of developing the 3rd wave but first we'll need to hit the lower limit of this channel at around the big round number and psychological number 0.7000 where a bounc…
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Update 1: As expected after we broke below key support level at 0.7250 the market is now using the same level as resistance as this past week we already had a successful retest of this level. Next key support level stands at big figure 0.7000 which should act as the bottom of current range bottom.

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Update 2:As expected we found support near the big figure 0.7000 at 0.7050. Right now we are in a range mode with resistance at 0.7300. Next week we should expect further consolidation between this two limits.

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Update 3: We're still in the wave 3 stage (see figure 1) and before to continue higher to form the next wave cycle we need another retest of the big figure 0.7000 and complete the wave sequence. In order for this to happen we need the 0.7180 to act as resistance and a break below current week low  at 0.7120

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Update 4: Even though we broke below last week low at 0.7120 and also hit our target at 0.7090 right now the market is experiencing a small bounce. We still need that false break out towards the big figure 0.7000 in order for the wave cycle to be completed so watch out for more downside tomorrow

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USD/CHF Back Towards Parity

Even thought back in January USD/CHF crashed due the SNB Black Swan even, caused by SNB decision to abandon the 1.2 peg, we're back near parity level, and this is all due to the US dollar exceptional rally. The broad based dollar strength was playing a key role in this impressive recovery and we should see this pair above current year high around 1.0200 level as soon as the dollar bullish trend resume. Right now we're trading in between two big round numbers, with support level at 0.9500 and
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Update 1: The 0.9500 level, big round number, has provided a good support and the market could break below it proving the current up trend. Next week we have a pivot point at 0.9900 which must be tested but however I don't think we're going to break higher than that for the time being the market seems in a much complex consolidation

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Update 2: The market seems trapped inside the 0.9500 big round number and support level and 0.9860 resistance level. Over the past weeks we trade inside this wide range. We need a clear breakout of the resistance zone in order to have a chance to hit our target

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Update 3: The market seems to be holding above 0.9500 big round number quite well, we already posted a green Monday candle this should help keeping up the momentum

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Update 4: Well even thought 0.9500 was still holding the market there wasn't enough momentum to push it higher and basically we're unchanged from last week. The line of least resistance is still to the upside however there is not enough time to catch up 500 pips to meet our target

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