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The Brief Daily Forecaster 6th January 2009

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FX-Forecaster

2009-06-01

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DAILY FORECAST FOR USDCHF

Bias: Until 1.1124-32 breaks there does seem more risk for a correction lower

The 1.1124 high is quite critical and while this caps (allow for 1.1132) the risk does seem higher for a correction. A clear break level is not obvious but I suspect a drop through this morning's low at 1.1070 will assist down to 1.1030-50 and a break here would allow a choppy decline. Note support areas around 1.0944-75, at 1.0912 and the most we should see is 1.0869. Only below 1.0850 would imply a stronger push back lower with next support at 1.0747.

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Ian Copsey is a veteran technician having begun his career in Foreign Exchange over 25 years ago. His book “Integrated Technical Analysis” has been read by over 4,000 readers worldwide.

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