ZenTrader111
Short

USDCHF Fib analysis

FX:USDCHF   U.S. Dollar / Swiss Franc
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Also notice double top candlestick pattern, signals potential trend reversal to the downside. The Relative Strength Index has moved below 50, indicating the market is not oversold yet and that a downward trend is forming. The price action has retraced further than the 23.6% Fib level from the high posted on 02/11/2014. The price should retrace further to the 50% Fib level at 0.95246.

If this level is broken through, this will act as strong confirmation of a trend change and formation of a downward trend.

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