USD/CHF Technical Analysis For May 5, 2011

ForexMansion.com

By ForexMansion.com

 

The USD/CHF poked through the lows today, but ended up printing a hammer around the 85 level showing a possible bounce form that level. The pair looks to be oversold and certainly could use a bit of a bounce as it could attract new sellers, especially if we could get to the 0.90 area, which was the point of our last major breakdown. However, we do not recommend buying this pair as the downtrend is so strong.

Originally posted here

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