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1.9.08 EUR/CHF Analysis

From my last report, EURCHF bounced off the lower trendline as expected. Supported by the news announcement the US will soon cut their tax rate, and a possible 50 basis point cut on interest rate next meeting, which help the carrys make a nice rebounds after last friday slump.

The above chart is EURCHF dailies at 1.6400. I'm expecting it to touch the upper trendline or at least in the middle of the last swing down in the a couple of days to come. Breaking of the upper trendline will confirmed a bull trend, which is good for truenorthfx hedge. While a bad news can pull the price down to at least 1.6200 or even lower.