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USDCHF broke above the downtrend line from 1.0624 to 1.0464

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 23, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF broke above the downtrend line from 1.0624 to 1.0464, suggesting that a cycle bottom is being formed at 1.0257 on 4-hour chart. Key resistance is at 1.0464, a break above this level will confirm the cycle bottom and indicate that the fall from 1.0624 had completed, then the following upward movement could bring price to 1.0550-1.0600 area. Support is at 1.0257, only break below this level could trigger another fall to 1.0200 zone.

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