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Currency Strategy - 06/05/2010
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TOPIC: Currency Strategy - 06/05/2010
#239
Currency Strategy - 06/05/2010 4 Months ago Karma: 0
* USDCHF
Main Trend still bullish, but the risk of having a strong correction is getting fairly high now. Check the support 1.1153 and 1.1106 for a test at 1.1019, 1.0890 and 1.0848. On the upper side if 1.1266 is broken rate should go up to 1.1385.

Resistances: 1.1266 / 1.1385 / 1.1425 / 1.1605
Supports: 1.1153 / 1.1106 / 1.1019 / 1.0890
Strategy: Go long @ 1.1233, SL 1.1153, TP 1.1290, 1.1400

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* EURCHF
Still no signification changes to be commented. Check the support 1.4315 and 1.4291, a break would potentially lead to 1.4246 and 1.4144.

Resistances: 1.4367 / 1.4387-95 / 1.4466
Supports: 1.4315-21 /1.4291 / 1.4246 / 1.4144
Strategy: Play the range between 1.4320 and 1.4350, as well as the S&R breaks.
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* EURUSD
Trend is still bearish but the momentum is too strong to be credible on the medium term. Check the support 1.2752, if broken rate should drop to 1.2708 then 1.2457. On the upside check 1.2906, 1.2996 and 1.3048 where breaks may leads to a move up to 1.3154.

EURUSD is testing a major support at 119*
Resistances: 1.2906 / 1.2996 / 1.3048 / 1.3154
Supports: 1.2789 / 1.2760 / 1.2708 / 1.2457
Strategy: Go short @ 1.2753, SL 1.2833, TP 1.2600 .

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* EURJPY
EURJPY is currently on a major support, a break will potentially bring the rate back to 117.90 and then 112.08. On the upper side check 1.2072 and 121.74, a break would lead up to 123.39.

Resistances: 120.72 / 121.74 / 123.39 / 125.45
Supports: 119.66 / 117.90 / 112.08
Strategy: Go short @ 119.33, SL 120.45, TP 118.70 & 117.90
Forex_Master
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Last Edit: 2010/05/06 03:40 By Forex_Master.
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