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- USD/CHF remains near the lows of October 2011
USD/CHF remains near the lows of October 2011
Today, the 0.8555 pair is trading in the 0.8560-90 range, staying near the October 2011 low of 0.8555. On the hourly chart, the pair is below the MA (200) H1(0.8710) moving average line and on the four-hour chart below the MA (200) H4 (0.8920). Technically speaking, the strong support level at 0.8555 is keeping prices from further declines for now. In case of its breakdown, 0.8555 may fall to the psychological level of 0.8500. The upper boundary of 0.8795 represents a resistance level. The most probable range of the pair's movement for today may be hidden within the existing range of 0.8555-0.8630.
⦁ Resistance levels are: 0.8630, 0.8795, 0.8920
⦁ Support levels are: 0.8555, 0.8500, 0.8400
The main scenario for the pair suggests a break of support at 0.8555 (July 18 low) and may be a decline to the psychological level of 0.8500.
The alternative scenario assumes a break of resistance at 0.8630 (July 14-17 high), MA (200) H1(0.8670) and may be a rise to 0.8795 (July 12 high).
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