USD/CHF Technical Analysis August 2, 2011

The USD/CHF pair fell hard on Monday as the US stock exchanges fell. The pair did manage to bounce however, and as such – is forming a candle that looks somewhat like a hammer. This shows that although there is a significant downtrend in play at this point, there may be some support in the 0.77 area. We are waiting to see a bounce in order to sell this pair.

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