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Just recently, the cross has bounced to the downside as the resistance was created by the up-trend around 1.3940. For now the pair has already breached the daily pivot point; however, some problems may arise at the next support zone around 1.3870 (weekly PP; 100 and 55-hour SMAs). Still, one-hour technical indicators predict the Buck will lose value, with a potential to rebound in the medium-term, as 4H studies are bullish and 73% of SWFX traders are holding long opened positions on the pair.
© Dukascopy Bank SA