Temporary Halt Seen in USD/CHF ‘s Slide
18 August 2011
WEEKLY CHART:
The downtrend recently neared the 2.618 swing projection off prior Nov-09/Jun-10 upmove, at 0.6975.
Following a s/term rebound note the current 0.8180 23.6% retracement of the move from 1.1730 Jun-10 high, offering first important resistance.
DAILY CHART:
The recent acceleration lower has reversed temporarily after testing the channel base support area.
First interesting resistance comes from the congestion area between 0.8550 and 0.8271 28-Jun low. Within this runs the bear channel top at 0.8345 currently. A recovery through this would suggest a more prolonged reversal was underway.
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Copper Back at Pivotal Support Area