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MIG Bank

MIG Bank

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 - The Key Resistance at 0.9037 Has Been Broken

USD/CHF has broken the key resistance at 0.9037, suggesting persistent buying interest. Hourly supports can be found at 0.9031 (intraday low) and 0.9001 (intraday low). Another resistance lies at 0.9082 (03/02/2014 low).

From a longer term perspective, the bullish breakout of the key resistance at 0.8953 (04/04/2014 high) suggests the end of the large corrective phase that started in July 2012. The long-term upside potential implied by the double-bottom formation is 0.9207. Furthermore, a break of the resistance at 0.9037 would favour a second leg higher (echoing the one started on 8 May) with an upside potential at 0.9191. A strong resistance stands at 0.9156 (21/01/2014 high).

Daily Technical Report

 

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