Ascending Development-Channel Help Restricts USDCHF Pullback
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Ascending Development-Channel Help Restricts USDCHF Pullback
Daily Forex Technicals | Written by Admiral Markets | Nov 02 15 07:39 GMT
During early days of last week, the USDCHF tested the highest level in seven months following its break of year-old descending trend-line resistance and surpassed the 0.9820-25 horizontal resistance; though, short-term ascending trend-channel resistance limited the pair’s further upside and gave rise to price pullback to the channel support at present. If the pair breaks below mentioned channel support, at 0.9850, it can quickly drift lower to 0.9820-25 horizontal resistance-turned-support. However, the 0.9780 level, encompassing the year-old descending trend-line and 23.6% Fibonacci Retracement of August lows to recent highs, becomes strong downside support for the pair, breaking which pair’s recent break out strength gets nullified and it can become vulnerable enough to test 38.2% Fibo, near 0.9680 level.
Meanwhile, the 0.9900 round figure mark and the 0.9930 are likely immediate resistances that the pair could witness while a break of which can further strengthen the pair’s up-move towards surpassing the 1.0000 psychological magnet.
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Notes
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