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Excerpt from email sent to clients on 21st January at 14:03GMT

Usd/chf Strategy 21 January 2010 (New York)

Re-test of 1.0508
Below 1.0292 risks pullback towards 1.0229

Rate: 1.0453

Strategy: Buy at 1.0420 (entered 21/01 14:50GMT)

Target: 1.0550 (filled 28/01 01:47GMT for 130 points profit)
Stop: 1.0340

Dollar's rebound in line with the greenback's rise (especially versus the euro) signals the retreat from 1.0508 (December 2009) has ended this week at 1.0131 and the near term indicators remain bullish for a re-test of daily resistance at 1.0508 later, a breach of this resistance would confirm the A-B-C correction from last year's low at 0.9916 has resumed and open up the way for further gains to 1.0550/60 (short term indicators would be in overbought territory on such move) ahead of the chart level and fibonacci expansion objective at 1.0592/1.0610...


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