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USDCHF breaks above 1.0857 resistance and is now in short term uptrend. Further rally is expected to test 1.0986 medium term key resistance, a break above this level will indicate that the downtrend from 1.1740 (Apr 20 high) has completed at 1.0590 level already, and then the following uptrend will take price to 1.1150-1.1200 area. Initial support is at 1.0865, as long as this level holds, we’d expect the short term uptrend from 1.0650 to continue.



Daily Forex Analysis

Forex Traders Face Possible Trend Resumption against Potentially Extreme Volatility

The U.S. Dollar Index is not far from the 81.80-82.30 break-out level which opens the roof to 85.50 plus. Such a move could yield 300-500 pips downward for the EUR/USD and as many as 400-700 pips for the GBP/USD.

I prefer to see the EUR/USD give us the ‘boomerang’ trade opportunity by rising back to 3900’s plus (or close as possible) for what could be a dramatic bear trade entry. The GBP/USD ‘boomerang’ level is about 150 pips north too. Depending on what unfolds within the U.S. Dollar Index I may issue a GBP too.

EUR/USD

Resistances: immediate at 1.3816-45, 1.3917/27/39/65/77

Supports: ...

http://www.ablesys.com/fxcm

Attached Images

   

[LEFT][SIZE="5"]EUR/USD - Euro Dollar[/SIZE]1,3870. EUR USD broke 1,3940 support. The volatility is high. Bollinger bands are deviated. ForexTrend 1H (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR USD. The downtrend should continue on 1,3800 support (70 pips). [/LEFT][INDENT][LEFT][B]Resistances[/B]1,3895 - 1,3935[B]Supports[/B]1,3835 - 1,3800[/LEFT][/INDENT][LEFT]more information on [URL="http://www.mataf.net/en/forex/eurusd"]EUR/USD - Euro Dollar [B]Click Here[/B][/URL][/LEFT][CENTER][IMG]http://www.mataf.net/section/devises/page/images/eurusd.png[/IMG][/CENTER]Mataf.net : [URL="http://www.mataf.net/en/forex/analysis"]technical analysis[/URL], [URL="http://www.mataf.net/"]Forex[/URL], ...