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Forex Analysis

11/27/2013 09:59:38

USD/CHF: Well suported between 9060 and 9045

Charmer Charts - Usd/Chf is trading towards the bottom of the channel line evident at 9045....So between 9060 and 9045 we would expect the Usd/Chf to be well supported....We are overbought on the daily charts, although we are not turning yet...However it is low risk to buy at the base of this channel...as our stops would be tight...and therefore leaving little room for error.....

Below the 61.8 % Med term Fib level at 9027 is where we would not be holding longs...as a break of this area sees the market come under further pressure in the short term with 8975 then looking to be the short term objective... Cover shorts to here...Attempt small longs looking for a correction with 9045/60 then the likely target....
Now if we can cling onto this 9060/45 support there is a good chance of the market trying for the break point on the topside which is located at 9140/55....This ties in with our R2 resistance...

Our daily pivot is at 9082 and the overnight highs have been 9081..so there is a very good chance of us holding the lower support line...and trading back higher....

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