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EUR/CHF Drops Precipitously to Hit Downside Price Target



EUR/CHF (daily chart) as of Monday (8/01/2011) has dropped dramatically to hit its downside target area just above 1.1000, establishing yet a new all-time low around 1.1023 in the process. This occurs within the context of a clear long-term, medium-term, and short-term bearish trend for the pair. This downside target price region represents both a key 161.8% Fibonacci extension as well as a separate 261.8% Fibonacci extension target within uncharted price territory. For more EUR/CHF forex technical analysis, please click here.

James Chen, CTA, CMT
Director of Technical Research and Education
FXDD