Forex Trading News: USDCHF Breaks Key Level
Posted by Mr. Danish FX on Wed, 09/03/2008 - 12:07am in
With the USD's firm tone across the board, the USDCHF was able to finally break and hold above the once strong resistance of 1.1040. Assuming the USD will hold this momentum, the pair now has upside resistance at the 50.0% Fibonacci level, around 1.1200. The old resistance at 1.1040 should provide some support now as well. The pair held between 38.2% and 1.040 for nearly a month (8/8 until yesterday). We'll see if the USDCHF has found a new trading range...
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