Updating time : 12/02/2008 00:45 GMT
USD/CHF - 1.1021...Dlr fell initially to 1.0946 at European morning on
active cross buying in chf (eur/chf declined to a new two-week low at 1.5944) b4
rebounding later in the day to 1.1048 (y'day's high in U.S. session) as traders
unwound short eur/chf positions.
Although y'day's rebound fm 1.0946 suggests correction fm last Thursday's
high at 1.1104 has ended n consolidation with mild upside bias is seen, a break
abv prev. res at 1.1082 (Friday's high) is needed to confirm the rise fm this
month's record low at 1.0729 has resumed, yield correction of MT decline to
1.1124 (Jan 22) n then 1.1164 (50% r of the intermediate fall fm 1.1598-1.0729)
b4 prospect of a retreat.
On the downside, below 1.0980/85 (prev. minor sup n 61.8% r of 1.0946-
1.1048) wud bring re-test of 1.0946 but only a breach of latter lvl wud yield
another fall twds 1.0890 (equality proj. of 1.1104-1.0946 measured fm 1.1048)
but sup at 1.0864 (Feb 4) shud remain intact (readers can venture long on such
decline as per our weekly outlook)...
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