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USDCHF rebounded from 0.9497

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 26, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being supported by 0.9463 (Oct 14 low), USDCHF rebounded from 0.9497 and broke above the downtrend line on 4-hour chart, suggesting that a cycle bottom is being formed. Further rally towards 0.9733 key resistance is expected, a break above this level will confirm that the downtrend from 1.0066 has completed, then the following upward move could bring price back towards 1.0066 previous high. However, as long as 0.9733 resistance holds, one more fall towards 0.9463 support is still possible.

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