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USD/CHF Follows Through on Head-and-Shoulders Pattern Breakdown

USD/CHF (daily chart) as of Thursday (10/27/2011) has extended its fall substantially after breaking the neckline of a well-formed head-and-shoulders reversal pattern. Thursday’s price action saw the pair drop more than 200 pips to hit a 7-week low just below 0.8600, approaching key support in the 0.8550 price region. For more USD/CHF forex technical analysis, please click here.

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