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USDCHF’s downward movement extends to 1.0801

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 29, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF’s downward movement extends to as low as 1.0801 level. Resistance remains at the upper boundary of the falling price channel on 4-hour chart. As long as the channel resistance holds, deeper decline is still possible and next target would be at 1.0600-1.0750 area. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed, then minor consolidation of downtrend could be seen.

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