Let’s take a look at the USD/CHF hourly chart.
The overall (longer) term appears to be down and we may see more potential downward movement in the shorter term.
Look for a potential downward move to the .9375 area and below. Once that completes, look for a retracement back up and then a continuation back down.
A key price point in this chart is December 1, 2010. When the potential retracement back up starts to form, apply a Fibonacci from this point to find potential retracement levels.
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