Updating time : 1/01/2008 00:59 GMT
USD/CHF - 1.0840...Although dlr rebounded fm 1.0875 to 1.0951 due to thestronger-than-expected ADP employment data, the greenback then fell sharplyfollowing the Fed's 50 basis point rate cut on active cross buying in chf(unwinding of carry trades in line with the decline in U.S. stock markets),price hit a new record low at 1.0814 this morning in Australia b4 recovering.
Y'day's breach of 1.0838 confirms MT downtrend has finally resumed nfurther weakness to 1.0790/00 is seen after minor consolidation, however, ashourly oscillators wud be in o/sold territory on next decline, reckon steepfall wud not be repeated today n yield a corrective rebound later to 1.0900(near current lvl of 55-hr ema at 1.0905), abv there wud signal temp. low is inplace n bring retracement twds 1.0951/62 (Jan 30 n 29 high resp).
Therefore, buying on marginal weakness is favoured but readers shud takeprofit on subsequent bounce as 'choppy' trading is likely ahead of the closely-watched U.S. non-farm payrolls data to be released tomorrow. Below 1.0744/50(50% proj. of 1.1598-1.0838 fm 1.1124) wud risk further fall to 1.0690/00...
http://www.AceTraderFX.com
.jpg)
Licensed Brokers
Linear Mode
