Friday, February 03, 2012 11:40 PM EST

USDCHF below 1.0000. Next target 0.9926 to 0.9959.

Written November 25, 2009 at 3:03 PM EST by Greg Michalowski

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gregmike-05719

The USDCHF is melting away with the dollar plunge this afternoon and begs where to now. Going back in time to 2008 when the price last broke 1.0000 (see chart above) the price had some consolidation lows at the 0.9926 to 0.9959 levels. Below that the next consolidation lows reached to 0.9868 to 0.9887. These are the targets we will be looking toward. The low going back as far as our chart history goes comes in at 0.9638 which is the low price reached on March 17th 2008. The low CLOSE comes in at the 0.9845. NOTE all these levels but the dollar bearishness is in full force. With Thanksgiving tomorrow and the rest of the world open, anything can happen.

On the upside, the 0.9992 was the low from earlier today. The 100 bar MA on the 5 minute chart comes in at the 1.0006 and coming down. These are the upside resistance levels currently.

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