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[B]BIAS[/B]: While 0.9469-79 caps this can extend lower to 0.9334-67

[B]Resistance[/B]:... 0.9469-79... 0.9495-05... 0.9520... 0.9540
[B]Support[/B]:........ 0.9435-40... 0.9420........ 0.9386... 0.9367

[B]MAIN ANALYSIS[/B]: Price dropped into the 0.9463-75 target support area at Friday's close but then gapped lower on open. This 0.9465-80 area should now cap and allow the downside to resume back down to this morning's 0.9420 low and later to the 0.9334-67 area at least. I feel we should be looking for possible bullish trade set ups here. Also note deeper retracement levels at 0.9260-00.

[B]COUNTER ANALYSIS[/B]: Only an earlier direct break above 0.9485 area and also 0.9505 would allow ...

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USDCHF breaks below 0.9478 support and reaches as low as 0.9421. Further decline could be expected after a minor consolidation, and next target would be at 0.9300 area. Initial resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.



Daily Forex Analysis

Last week gold and silver didn't do much; Gold had a steady upward trend; silver increased every day except on Thursday. Despite the testimony of Bernanke from the previous week, the speculations continue to run high of the Fed announcing next week of another stimulus plan. The upcoming FOMC meeting could stir up the markets but I suspect it will eventually be just another storm in a teacup. In Europe many anticipate for the results of the Greek elections and how this round might affect Greece leaving the EU. This upcoming week there are several reports on the agenda that may affect bullion. The main events will revolve around Greek elections and the aftermath, FOMC meeting, U.S Philly Fed index, China's manufacturing PMI, G20 Meeting and U.S ...

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Good day forex traders.

In the previous EUR/USD forecast we noted that the SMAs were still bearish. Having said so the SMA 20 had signs of a slow down due to the consolidation in the region. Fundamentally we noted that Spain had decided to seek international assistance regarding it’s ailing banks. China scores a goal with improved economic performance thus a short term rally might happen.

[B]Technical Analysis[/B]

Looking at the EUR/USD chart above, we noted a sharp dip followed by a bullish ...