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- USD/CHF trades near the October 2011 lows
USD/CHF trades near the October 2011 lows
Today, the USD/CHF pair is trading in the range of Chf0.8565-0.8610 - near the October 2011 lows of Chf0.8565 reached last week. On the hourly chart, the pair is trading below the MA (200) H1(Chf0.8750) moving average line and on the four-hour chart below the MA (200) H4 (Chf0.8935). 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 the support at Chf0.8565 (October 27’ 2011 low, and July 14 low) and a decline to the psychological level of Chf0.8500.
The alternative scenario assumes a break of resistance Chf0.8630 (July 14 high) and may be a rise to Chf0.8800 (July 12 high).
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