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USDCHF Daily Forecast: February 08

Premium Market Reports by FXTechStrategy

USDCHF Daily Forecast: February 08
Monday, February 8th, 2010 @ 3:23 am by Setyo Wibowo

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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USDCHF Forecast
The USDCHF attempted to push higher on Friday, topped at 1.0794 but closed lower at 1.0728. Overall direction remains to the upside with nearest target around 1.0850 before testing 1.1000 but as you can see on daily chart below, price is moving lower after touched the upper line of the bullish channel indicating potential downside pullback testing 1.0700 support area. Break below that area should lead us into to trading zone in nearest term but I still prefer a bullish scenario as long as the bullish channel valid.

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