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EUR/CHF Classical 05.17

EUR/CHF Classical 05.17

2010-05-17 05:16:00
Joel Kruger, Technical Strategist
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EUR/CHF: The tight multi-day consolidation in the lower 1.4300’s has finally been broken, with the market collapsing to fresh all-time lows before finally stalling out by major psychological barriers by 1.4000. From here, it is simply too difficult to call. On the one hand, the intense downtrend is very much intact and could open additional sustained declines below 1.4000, however, with short-term, medium-term and longer-term studies all looking exhausted, there is also the potential for the formation of major base by 1.4000.   The key levels to watch above and below over the coming sessions come in by 1.4120 and 1.4000 respectively. A close below 1.4000 would be very bearish and could warn of yet another wave of declines. Inability to close below 1.4000 warns of correction.

 

 

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 

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