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USDCHF moved sideways in a range

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 21, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF moved sideways in a range between 0.7769 and 0.8014. Key support is at 0.7769, as long as this level holds, the price action in the range is treated as consolidation of uptrend, and one more rise to 0.8100 area is still possible. On the other side, a breakdown below 0.7769 could indicate that a cycle top has been formed at 0.8014 on 4-hour chart, and the rise from 0.7067 has completed, then the following downward move could bring price back to 0.7500 zone.

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