Price action on USD/CHF, a 4-hour chart of which is shown, is quickly descending to approach strong support in the key 1.0500 price region as of Wednesday (7/07/2010), establishing a new 12-week low in the process. As evident on the chart, this currency pair has given back virtually all of the substantial gains that it made from mid-April to early June. The almost symmetrical nature of the chart shows that the recent plummet from early June to now was as steep as the prior rise. For more technical analysis on this currency pair, please click here for Wednesday’s (7/07/2010) Chart of the Day.
James Chen, CTA, CMT
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