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USDCHF formed a cycle bottom at 0.9932

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 16, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF formed a cycle bottom at 0.9932 level on 4-hour chart and the bounce extended to as high as 1.0170 level. Further rally is still possible later today and target would be at 1.0277 key resistance, a break above this level will suggest that the fall from 1.1730 (Jun 1 high) has completed at 0.9932 already, then the following upward movement could bring price to 1.1000 area. However, as long as 1.0277 key resistance holds, the price action from 0.9932 could be treated as consolidation of downtrend, and one more fall to 0.9700 area is still possible.

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