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USDCHF downside risk below 200-dma

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USDCHF broke below the 200-day moving average on Thursday, which was acting as support. This break has weakened the underlying bullish market structure. The pair had a daily close below the key 0.9700, which is also a 50% Fibonacci level of the upleg from 0.9077 to 1.0326 (May to November 2015 rise). This is a critical level and now acts as a resistance level for upside moves. RSI is negative in bearish territory below 50, which highlights the downside bias. Also, prices have fallen out of the

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