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MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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USD/CHF: Bearish Breakout of The Key Support at 0.9215

USD/CHF has broken the key support at 0.9215 (17/10/2012 low), opening the way for a move towards 0.9043 (01/05/2012 low). Hourly resistances can be found at 0.9248 (14/12/2012 high) and 0.9276 (13/12/2012 high).

These new lows have forced us to close our long strategy.

The break of prior support at 0.9423 (18/06/2012 low) has invalidated the succession of higher lows that started in August 2011. The break to the downside out of the horizontal range between 0.9215 (17/10/2012 low) and 0.9502 (31/08/2012 low) confirms a bearish bias.

Daily Technical Report

 

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