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EUR/CHF 12.21 Analysis

Zooming in to the 1h chart, EURCHF caught in a range within a channel. Break of the lower channel will test the previous strong support at 1.6550, thats the 61.8 fib of the 12/05/07 low to 12/14/07 hi swing. Breaking the upper channel will test the major trendline I mentioned on my earlier post.

Right now, 1h and 4h are in bear bias with 72EMA so flat showing to clear direction. Daily chart showing a possible bull forming, but Stoch and CCI curved up at the middle of OB & OS, which makes me hesitate to conclude a bull. 1h to daily ADX shows no (low) momentum since monday. I will still stay aside while holding some drawdown positions.

This next analysis has nothing to do with true north hedge trade. Just pointing out how to use the template I sent out to our members.

NZDUSD dailies is also within a uptrend channel. Stoch & CCI about to crossed up. Price having a hard time breaking the lower channel. If broke, target would be the 50% fib (.7290). Enter at 0.7420 confirmation, set SL at the lower channel.

However, if price bounced from the lower channel. Set entry at 0.7640 with TP at the upper channel, SL at 0.7420. This is a long term trade which moght take days to reach the target. Trade it at your own risk. Not recommended to included this trade with your hedge trade account.