USD/CHF Sell Off Extends to 1.0400 Area
July 29, 2010 21:41
The Dollar has accelerated its decline after breaking below 1.0550, and the pair's rejection from Tuesday's high at 1.0645 has extended almost 180 pips lower, reaching a fresh one week low at 1.0403 so far.
At the moment the pair's focus lies at 1.0395, which, according to Valeria Bednarik, technical analyst at FXstreet.com, could open the path to further decline towards 1.0320: "Extremely oversold in the hourly chart and near 1.0395 support, pair has no signs of reversing current trend. If the mentioned area gives up, we could expect a sell off towards 1.0320 zone, before rally finally decides to correct."
Support levels, according to Bednarik, lie at 1.0395, 1.0350 and 1.0320. On the upside, resistance levels lie at 1.0440, 1.0470 and 1.0510.
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