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- USD/CHF trades near the lows of October 2011
USD/CHF trades near the lows of October 2011
Today, the USD/CHF pair is trading in the range of Chf0.8565-95 - near the lows of October 2011. On the hourly chart, the pair is trading below the MA (200) H1 moving average line (Chf0.8840) and on the four-hour chart below the MA (200) H4 (Chf0.8965). In this situation, the scenario of further decline in USD/CHF pair is likely. Finding a sell position may be a wise decision for those who want to benefit from a stronger Swiss Franc.
⦁ Resistance levels are: Chf0.8675, Chf0.8800, Chf0.8920
⦁ Support levels are: Chf0.8565, Chf0.8500, Chf0.8400
The main scenario for the pair suggests a break of support at Chf0.8565 (October 27’ 2011 low, session low) and may be a decline to the psychological level of Chf0.8500.
The alternative scenario assumes a break of resistance at Chf0.8675 (July 13 high) and may be a rise to Chf0.8800 (July 12 high).
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