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USDCHF breaks below 1.0283 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 6, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF breaks below 1.0283 support, suggesting that a short term cycle top has been formed at 1.0452 level on 4-hour chart. Deeper decline is possible to test 1.0186 previous low support in a couple of days, a breakdown below this level will indicate that the downtrend from 1.1021 (June 24 high) has resumed, then further fall could be seen to 1.0000-1.0100 area. Resistance is now at 1.0320, as long as this level holds, we’d expect short term downward trend from 1.0452 to continue.

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