Forex Trading: USDCHF Bottoms? Hits January 2009 Lows And Bounces…a Little
The last time the USDCHF was at the levels reached today was in January of 2009. The low at that time extended to 1.0130. Today, the low has reached 1.0134. The bounce off the low – albeit modest – has as much to do with the risk versus the fundamental reasons. The risk is a break below the 1.0130. The reward would be if the level remains as the low and short covering takes the pair back up toward the 1.0190 as the 1st target. I would expect the downside pickers to continue to look to buy as close to support as possible and see what happens from there. A break and the trend down continues for the pair.
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