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Technical Analysis: EUR/USD and USD/CHF
With the dollar on the defensive this week, the EUR rally yesterday extended to resistance at the August low at 1.1665. However, that barrier proved too much, at least at the first attempt. The late September breakdown through this level had spurred the recent drop to the low 1.15s so is a key area for bulls to break and bears to defend. This move higher has eased oversold conditions with the daily RSI back towards the 50 level and midrange. Sellers will need to push lower through 1.1620 and then 1.1604 to confirm a short-term top is in. A break above 1.1665 will see prices rise to 1.17 and the 50-day SMA at 1.1710. ... (full story)