Forex Profit Alert: July 9, 2008

On the close of this session, the USD/CHF created a new pivot low point. This of course signals us to place a pending order. The EUR/USD created a new pivot high point today, so we place a new buy order in that pair. It’s likely that in a day or two there will be a new pivot low created in the EUR/USD.

The pound broke out of yesterdays range, to the upside. The volume is going to be liter until tomorrow’s rate decision is announced. The consensus is that the rate will be held at 5.00%.

The USD/JPY and the USD/CHF are both close to areas of previous support and resistance. We should see a breakout in one or both of these pairs very soon. If they do breakout, look for them to go to previous highs and lows.

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