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USD/CHF Classical 07.29

USD/CHF Classical 07.29

2010-07-29 08:25:00
Joel Kruger, Technical Strategist
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USDCHF07.29_body_swiss1.png, USD/CHF Classical 07.29

USD/CHF: The market could be in the process of carving out a material base after closing back above the 10-Day SMA on Tuesday. Any setbacks have been very well supported in the 1.0400 area and this should be encouraging for bulls. We look for some more bullish confirmation on a break above next key resistance by 1.0680 over the coming sessions. Additionally, the 10-Day SMA looks to be on the verge of a positive cross with the 20-Day which is also quite constructive. Back below 1.0400 would negate outlook and give reason for concern.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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