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Technical analysis for the USDCHF on 03.08.2015

The USDCHF: false breakout of 0.9645 support

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 110 pips Max. 0.9750

Min. 0.9530

usdchf

Having breached strong resistance at 0.9645, the price re-tested this level on Friday. The re-test was then followed by the breakout, but it didn’t hold.

Bulls managed to correct the price back above the 0.9645 mark, which is now acting as tough support.

Correction down into 0.9645 support will most likely trigger the rebound up. Potential rebound target is situated at 0.9720 resistance.

Alternative scenario: continuing consolidation above 0.9645 support.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

The USDCHF: false breakout of 0.9645 support

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 110 pips Max. 0.9750

Min. 0.9530

usdchf

Having breached strong resistance at 0.9645, the price re-tested this level on Friday. The re-test was then followed by the breakout, but it didn’t hold.

Bulls managed to correct the price back above the 0.9645 mark, which is now acting as tough support.

Correction down into 0.9645 support will most likely trigger the rebound up. Potential rebound target is situated at 0.9720 resistance.

Alternative scenario: continuing consolidation above 0.9645 support.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!



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