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USDCHF continued its downward movement from 0.9774

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 23, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF continued its downward movement from 0.9774 and broke below 0.9300 (Dec 31, 2010 low) support, suggesting that the long term downtrend from 1.1730 (Jun 1, 2010 high) has resumed. Resistance is at the falling trend line on 4-hour chart, now at 0.9390, as long as the trend line resistance holds, downtrend could be expected to continue. Deeper decline could be seen in a couple of days, next target would be at 0.9200 area.

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