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USDCHF Staggers Near Trendline Breakout
The USDCHF currency pair bounced off a major 3-month trendline support at 0.9650 on Tuesday. At the said level, there also lays the regression medium-term trendline of the descending channel starting Apr 24. With the RSI (9) indicating more downside, we can expect a breakout of the 0.9650 level. This is likely to trigger an intermediate decline towards 0.96 and even lower in the medium/long-term. Before breaking the descending channel, however, we could see prices retracing higher. The signal is supported by the short-term RSI (9). The upside can be expected to end near the regression trendline of the descending ... (full story)