Mtrading - Analytics


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    Chart Of The Day: USDCHF Again Failed To Clear Near-Term Trend-Line

    July 07, 2016 03:30


    During the fresh flight of US Dollar, mainly due to pessimism at EU & UK, the USDCHF managed to print a week's high on Wednesday; however, a month-old trend-line resistance again confined the pair's upside and it currently pulling it back to early week levels. At present, 50% Fibonacci Retracement of its late-May – June downside, near 0.9737, followed by immediate ascending trend-line mark of 0.9725, are likely nearby supports for the pair, breaking which 38.2% Fibo level of 0.9685 and the 0.9650 can again come into play. Moreover, pair's additional weakness below 0.9650, can flash 23.6% Fibo of 0.9620 and the 0.9600 round figure mark support levels on the chart.

    Alternatively, 0.9765 and the 61.8% Fibo level of 0.9790, adjacent to mentioned trend-line mark of 0.9805, can continue limiting the pair's short-term upside. Given the pair surpasses the 0.9805, the six-month old trend-line resistance-level of 0.9860 become crucial, which if broken can trigger the pair's upward trajectory towards 0.9920 & the 0.9960 north-side numbers.

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