USDCHF Daily Forecast: August 28

By IBTimes Staff Reporter | August 27 2009 3:28 PM

USDCHF Forecast

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The USDCHF failed to continue it’s bullish momentum yesterday, bottomed at 1.0527 and closed at 1.0586. On h1 chart below we have a broadening formation where price is making new highs and lows without clear direction. The bias is bearish in nearest term but I prefer to stay out for now. Immediate support is seen at 1.0527 (yesterdays’ low). Break below that area should trigger further bearish momentum towards 1.0430 area. Initial resistance at 1.0650 followed by 1.0750.

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