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USDCHF pulled back from 1.0428

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 16, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    After touching the upper border of the rising price channel on 4-hour chart, USDCHF pulled back from 1.0428. However, the fall is treated as consolidation of uptrend from 0.9959. As long as the channel support holds, one more rise towards 1.0500 is still possible after consolidation. Key support is located at 1.0345, below this level will indicate that a short term cycle top has been formed at 1.0428 level, and the rise from 0.9959 has completed.

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