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Swissy Exotic Dancing


Mar.18.2014

The pick of the day is USD/CHF. We could see some exotic dancing moves in the pair tomorrow with the Swiss national bank panel discussion and the all-important FOMC meeting.  The pair broke below a key resistance level at 0.88426 last month and continues its ride down in a falling channel, below the Ichimoku cloud, with the daily RSI not showing signs of the pair being over bought. So I have set my platform to enter a short position at 0.87601, targeting to take profit at 0.86194, which is a resistance level from back in 2011 as you can see in the weekly chart. A break below this level would open doors to more declines towards the 0.76 area. On the other hand if the pair moves back above 0.88355, we could see gains with 0.89375 and 0.90 as targets.

IMG 1 - USDCHF Daily Ichimoku Fibonacci RSI technical analysis short position resistance

IMG 2 - USDCHF Weekly chart key resistance level

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1 Kiana Danial Invest Diva

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