USD/CHF Technical Analysis Aug 1, 2011

The USD/CHF pair finally broke through the 0.80 level on Friday, and now begins a new leg down. Because we are in uncharted territory, this pair is likely to have reactions at major round numbers, so expect a slight bounce every one hundred pips or so. The market could also retest the 0.80 level to see if it is now resistance, which would also confirm the next down move.

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