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USDCHF has reached the upper border of the price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 18, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF has reached the upper border of the price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 0.9463 level. Further rally towards 0.9727 is still possible later today, a break above this level will indicate that the fall from 1.0277 has completed at 0.9463 already, then the following upward move could bring price to 1.0000 zone. However, as long as 0.9727 key resistance holds, downtrend is expected to resume, and another fall to 0.9300 is expected.

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