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The Daily Forecaster

Mon, Jun 29 2009, 03:34 GMT
by Ian Copsey

FX-Forecaster.com


DAILY ANALYSIS FOR USDCHF
Resistance:1.0885-901.09321.09681.0988
Support:1.08231.07801.07611.0723

Please read the attached PDF file to ensure that you receive the full analysis...

Bias:            Cautiously I look for gains today but we should be careful at 1.0968 and the 1.1021 high

Daily Bullish

Friday's losses developed and moved into the lower support range at 1.0761-94. This has seen a recovery which has extended this morning. There is still a little more to go to feel comfortable but while the 1.0795-1.0825 range continues to support I shall prefer a scenario that breaks above the 1.0873 high seen already this morning and onto 1.0890 and the 1.0932 corrective high. Although I feel this should move as far as 1.0968 minimum it would be wise to just be careful around 1.0932. Above 1.0970 extends gains back to the 1.1021 high but should hold if seen. Note next resistance at 1.1074.

Medium Term Bullish
25th June:  Yesterday's recovery from the support area indicated was far more aggressive than expected but does open up the larger rally. Still, I feel we shall probably get better buying levels around 1.0826-60 which should then spur the next rally above 1.1265.

Daily Bearish

Cautiously I feel we have seen the lowest in this correction. However, there could still be a risk that we'll see a complex correction - and given the situation in EURUSD I feel this is likely. Thus, while the 1.0968-1.1021 area caps we could either see a triangle develop (from 1.0968) or possibly a flat sideways correction from 1.1021. At the most an irregular correction could see a rally as high as 1.1074. Thus, keep these resistance levels in mind when looking for selling opportunities. Only loss of 1.0761-94 would cause a deeper decline to 1.0723 at least. Then note support at 1.0675 and the 1.0631 low...

Medium Term Bearish
25th June:  Great, the downside threat has been averted and now only back below 1.0760 would concern and suggest a retest of the 1.0590-1.0620 area.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.


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The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.

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