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USDCHF pulled back from 0.8945

Discussion in 'Technical Analysis' started by ForexCycle.com, May 16, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being contained by the resistance of the upper border of the price channel on 4-hour chart, USDCHF pulled back from 0.8945. Key support is now at 0.8795, a break below this level will indicate that the uptrend from 0.8553 had completed at 0.8945 already, then deeper decline towards 0.8553 previous low could be seen. However, as long as 0.8795 support holds, the fall from 0.8945 could possibly be consolidation of uptrend, one more rise towards 0.9000 is still possible after consolidation.


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