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USDCHF pulls back from 0.9271

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 19, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by the resistance of the upper line of the price channel on 4-hour chart, USDCHF pulls back from 0.9271, suggesting that the pair remains in downtrend from 0.9838, and the rise from 0.9130 could be treated as consolidation of the downtrend. Further decline to test 0.9130 previous low support could be expected, a breakdown below this level will signal resumption of the downtrend, then next target would be at 0.9000 area. Key resistance is at 0.9271, only break above this level could indicate that the downtrend from 0.9838 had completed at 0.9130 already, then the following upward movement could bring price back to 0.9400 zone.

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