Wednesday, March 31, 2010

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Another choppy period of price action in USDCHF as 1.0650 neckline support finally gave way to the spate of USD weakness in early Asian trading, and triggered stops all the way down to 1.0570. We now see a new uptrend channel vibration coming in at 1.0580 that has coincided with the sell-off lows from 17 March and 23 March, and even the lows form earlier this morning. We therefore rely on this uptrend providing support for the time being with buying interest below around 1.0550 and then the more established 1.0500 horizontal support. Resistance may now be experienced back at our former 1.0650 neckline, and beyond there the regularly spaced resistance intervals at 1.0700, 1.0750 and 1.0800.

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