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USD CHF has broken its downtrend on the retracement from the high Jan 31, 2007 at 1.2571 to the low March 17, 2008 at .9638. It is currently trying to break above the 61.8% Fibonacci Retracement level from this move, and is being held up by the old downward trendline around 1.1300/30 for support. Keep an eye on this levels as a break through support could yield 1.1100 which was the old 50% Fibonacci level and on to 1.0750 which was the 38.2% level. A break through resistance could yield higher highs back to last year’s levels.
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Friday, October 17th, 2008 at 12:40 pm
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