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Forex technical analysis: USDCHF tests dual support area

50% retracement and 200 hour moving average being tested

The USDCHF has fallen sharply to the downside in trading today. The pair has moved down to a key support area defined by the 50% retracement at 0.9699 and the 200 day moving average at 0.97137.. The low extended to 0.9694. But the prices back above both technical levels can currently trades at 0.9722.

This is what the price action looks like on the 5-minute chart.

As you can see, the price has dipped below the 50% line at 0.9699 on two separate occasions. The price broke and tested the 200 day MA. IT just moved back above that MA at the 0.9713.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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