Forex Technical Update
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USD/CHF 4H Chart 6/18/2012 2:20PMEDT
The USD/CHF has been consolidating since end of May after a bull run for the month. The 4H chart shows a declining channel/wedge consolidation pattern which has held the USD/CHF in June. This week started with a push to the downside, but much like the start of last week, the USD/CHF bounced back up.
A break above 0.96 shelves this outlook, and a break above 0.9650 can open up the 0.9750-0.9760 high.
Fan Yang CMT is a trader, educator and the Chief Technical Strategist for FXTimes - provider of rex News, Analysis, Education, Videos, Charts, and other trading resources.
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