USD/CHF (a daily chart of which is shown) as of Thursday (4/28/2011) has hit its downside support target just under 0.8700 and established yet a new all-time low yesterday at 0.8669. The 0.8700 target, in previously uncharted territory, was derived by projecting the 161.8% Fibonacci extension of the last major bullish correction within the overall long-term downtrend. For more technical analysis on this currency pair, please click here for Thursday’s (4/28/2011) Chart of the Day.
James Chen, CTA, CMT
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