EUR/CHF Now In Pullback Mode
28 October 2011
MONTHLY CHART:
After testing/eroding a Fibo projection on the long term chart a sharp initial rebound has so far neared the 38.2% retracement of the whole downmove from Oct-07.
This should stay intact for now -see below.
DAILY CHART:
After initial resistance the Sep break through the bear channel top was a bullish sign.
The recovery slowed down on the approach to first interesting resistance offered by the 1.2400 Dec-10 low and 1.2495 76.4% level. This has prompted a s/term pullback.
With a s/term setback now in process note first potential support from the 1.1912 23.6% pullback level, and 1.1974 29-Aug high not far above.
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