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USD/CHF Classical 02.18

USD/CHF Classical 02.18

2011-02-18 07:03:00
Joel Kruger, Technical Strategist
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USDCHF_Classical_body_swiss1.png, USD/CHF Classical 02.18

USD/CHF: The market has been in the process of pulling back after stalling out ahead of key short-term resistance by 0.9785 in the previous week. Still we see any additional declines well propped above 0.9425 (minor 78.6% fib retrace) on a close basis and look for the formation of a fresh higher low ahead of the next major upside extension back through 0.9785 and towards more critical resistance by 1.0070 further up. Only a close below 0.9400 will give reason for concern.

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

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