USDCHF – Daily Forex Technicals by ForexHound.com July 8th

USDCHF moved below the 1.03 support pushed by the USD weaknes in yesterday’s american session; the pair found support at the 1.0230 level where it has established an important base over the last couple of months.We are in a consolidating range this morning inside a bigger expanding wedge formation(it ussually signals the end of a trend). USDCHF moved below the 1.03 support pushed by the USD weaknes in yesterday’s american session; the pair found support at the 1.0230 level where it has established an important base over the last couple of months.We are in a consolidating range this morning inside a bigger expanding wedge formation(it ussually signals the end of a trend).

Later on today we have news from US and also a speach from Ben Bernanke that can have a big impact on the way the currencies move. For more details regarding today’s announcements visit http://www.forexhound.com/calendar.cfm

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