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Second Upleg in USD/CHF Well Underway

Currencies / Forex Trading Jan 29, 2010 - 07:53 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleA recovery in USD/CHF in December provided an initial bull sign and current expectations are for a continuation higher, with some interesting resistance then likely to interrupt proceedings.


The FX Trader’s view

WEEKLY CHART:

The losses in 2009 stopped short of the 2008 0.9674 low, finding support near to an equality target at 1.0036 (1.2298-1.0367’ downmove extended off 1.1967 high).

It was eroded, but only briefly.

On this chart an encouraging sign for bulls is the recovery above the old 1.0367 Dec-08 low.

 

 

 

 

 

DAILY CHART:

The Dec/Jan pullback had been viewed as temporary, with the previous break above the 1.0400 23.6% retracement providing a confirming bull signal.

Prior 1.0569/87 lows offer possible s/term resistance but our next bull target lies at 1.0700/20, the 38.2% recovery and equality target (‘0.9914-1.0507’ upleg extended off 1.0127 low).

A secondary target is at 1.0815, a Fibo projection. Resistance is likely in this area, although this could prove temporary.

 

Philip Allwright
Mark Sturdy

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2010 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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